Eight core industries' output contracts 2.5% in October

01 Dec 2020 Evaluate

Continuing contracting trend for the eighth consecutive month, the output of eight core infrastructure sectors dropped 2.5 per cent in October, mainly due to decline in production of crude oil, natural gas, refinery products and steel. The production of eight core sectors had contracted 5.5 per cent in October 2019. The output of eight key sectors is in the negative zone since March. In September, the rate of contraction was 0.1 per cent. The ministry of Commerce and Industry in its latest data has showed that the combined Index of Eight Core Industries stood at 124.2 in October, 2020, which declined by 2.5 per cent as compared to the Index of October, 2019. Its cumulative growth during April to October, 2020-21 has been (-) 13.0%. Meanwhile, final growth rate of Index of Eight Core Industries for July 2020 is revised to (-) 7.6%.

Among eight core sectors, Coal production having 10.33 per cent weight increased by 11.6 per cent in October, 2020 over October, 2019. Its cumulative index declined by 3.6 per cent during April to October, 2020-21 over corresponding period of the previous year. Fertilizers production having 2.63 per cent weight increased by 6.3 per cent in October, 2020 over October, 2019. Its cumulative index increased by 4.1 per cent during April to October, 2020-21 over the corresponding period of previous year. Cement production having 5.37 per cent weight increased by 2.8 per cent in October, 2020 over October, 2019. Its cumulative index declined by 21.3 per cent during April to October, 2020-21 over the corresponding period of previous year. Electricity generation having 19.85 per cent weight increased by10.5 per cent in October, 2020 over October, 2019. Its cumulative index declined by 5.6 per cent during April to October, 2020-21 over the corresponding period of previous year.

On the other hand, Crude Oil production having 8.98 per cent weight declined by 6.2 per cent in October, 2020 over October, 2019. Its cumulative index declined by 6.1 per cent during April to October, 2020-21 over the corresponding period of previous year. The Natural Gas production having 6.88 per cent weight declined by 8.6 per cent in October, 2020 over October, 2019. Its cumulative index declined by 12.5 per cent during April to October, 2020-21 over the corresponding period of previous year. Petroleum Refinery production having 28.04 per cent weight declined by 17.0 per cent in October, 2020 over October, 2019. Its cumulative index declined by 16.4 per cent during April to October, 2020-21 over the corresponding period of previous year. Steel production having 17.92 per cent weight declined by 2.7 per cent in October, 2020 over October, 2019. Its cumulative index declined by 22.8 per cent during April to October, 2020-21 over the corresponding period of previous year.

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