Core sector growth contracts to 0.5% in August 2019

01 Oct 2019 Evaluate

The growth of eight core infrastructure industries contracted to over three-and-half year low of 0.5% in August 2019, as compared to same period of last year, due to decline in output of coal, crude oil, natural gas, cement, and electricity. It had expanded by 4.7% in August last year. According to data released by the ministry of Commerce and Industry, the combined Index of eight core industries stood at 128.2 in August, 2019, which was 0.5% lower compared to the index of August, 2018. Its cumulative growth during April to August, 2019-20 was 2.4%. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity - comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

Among eight core sectors, Coal production having 10.33% weight declined 8.6% in August, 2019 over August, 2018, and its cumulative index decreased by 0.2% during April to August, 2019-20 over corresponding period of the previous year. Petroleum Refinery production having 28.04% weight increased 2.6% in August, 2019 over August, 2018, while its cumulative index dropped by 1.1% during April to August, 2019-20 over the corresponding period of previous year.

The Natural Gas production having 6.88% weight declined by 3.9 percent in August, 2019 over August, 2018, and its cumulative index was down by 1.5% during April to August, 2019-20 over the corresponding period of previous year. Steel production having 17.92% weight increased by 5.0% in August, 2019 over August, 2018 and its cumulative index surged by 9.7% during April to August, 2019-20 over the corresponding period of previous year. Electricity generation having 19.85% weight fell by 2.9% in August, 2019 over August, 2018 while its cumulative index increased by 4.6% during April to August, 2019-20 over the corresponding period of previous year.

Cement production having 5.37% weight declined by 4.9% in August, 2019 over August, 2018 while its cumulative index increased by 1.3% during April to August, 2019-20 over the corresponding period of previous year. Fertilizer production having 2.63% weight surged by 2.9% in August, 2019 over August, 2018, and, its cumulative index declined by 0.3% during April to August, 2019-20 over the corresponding period of previous year. Crude Oil production having 8.98% weight declined by 8.6% in August, 2019 over August, 2018 and its cumulative index fell by 0.2% during April to August, 2019-20 over the corresponding period of previous year.

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