Core sector growth slows to 0.4% in June

01 Aug 2017 Evaluate

The growth in eight core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity, which comprise nearly 40.27 percent of the weight of items included in the Index of Industrial Production (IIP), slowed to 0.4 percent in June 2017 as compared to 3.6 percent in May and 6.92 percent in the corresponding month last year, on the back of sharp decline in output of coal, refinery products, fertiliser and cement. The performance in June is the lowest since the growth of 0.18 percent in November 2015. According to that data released by the ministry of Commerce and Industry showed the combined Index of eight core industries stood at 121.0 in June, 2017, which was 0.4 percent higher compared to the index of June, 2016. Its cumulative growth during April to June, 2017-18 was 2.4 percent.

Among eight core sectors, Electricity generation having 19.85 percent weight surged 0.7 percent in June, 2017 over June, 2016 and its cumulative index increased by 4.9 percent during April to June, 2017-18 over the corresponding period of previous year. Petroleum Refinery production having 28.04 percent weight dropped 0.2 percent in June, 2017 over June, 2016, while its cumulative index increased by 1.8 percent during April to June, 2017-18 over the corresponding period of previous year. The Natural Gas production having 6.88 percent weight surged 6.4 percent in June, 2017 over June, 2016 and its cumulative index increased by 4.3 percent during April to June, 2017-18 over the corresponding period of previous year.

Steel production having 17.92 percent weight advanced 5.8 percent in June, 2017 over June, 2016. Its cumulative index increased by 6.2 percent during April to June, 2017-18 over the corresponding period of previous year. Crude Oil production having 8.98 percent weight inched up by 0.6 percent in June, 2017 over June, 2016 and its cumulative index increased by 0.2 percent during April to June, 2017-18 over the corresponding period of previous year. Cement production having 5.37 percent weight dipped by 5.8 percent in June, 2017 over June, 2016 and its cumulative index declined by 2.9 percent during April to June, 2017-18 over the corresponding period of previous year.

On the other hand, Fertilizer production having 2.63 percent weight declined by 3.6 percent in June, 2017 over June, 2016 and its cumulative index shed by 1.9 percent during April to June, 2017-18 over the corresponding period of previous year. Coal production having 10.33 percent weight slipped 6.7 percent in June, 2017 over June, 2016 and its cumulative index decreased by 4.4 percent during April to June, 2017-18 over corresponding period of the previous year.

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