Output of eight core industries expands at five-month high of 8.2% in June 2023

01 Aug 2023 Evaluate

The output of eight core industries expanded at a five-month high of 8.2 per cent in June 2023 on healthy performance by sectors such as natural gas and steel. However, production growth was slower than 13.1 per cent recorded in June 2022. Core sector growth in June is the highest since January 2023 when the key sectors expanded at 9.7 per cent. In May 2023, the growth rate was 5 per cent. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

Coal production, having 10.33 per cent weight increased by 9.8 per cent in June, 2023 over June, 2022 and its cumulative index increased by 8.7 per cent during the quarter April to June, 2023-24 over corresponding period of the previous year. Natural Gas production, having 6.88 per cent weight increased by 3.6 per cent in June, 2023 over June, 2022 and its cumulative index increased by 0.1 per cent during the quarter April to June, 2023-24 over the corresponding period of previous year. Petroleum Refinery production, having 28.04 per cent weight increased by 4.6 per cent in June, 2023 over June, 2022 and its cumulative index increased by 1.9 per cent during the quarter April to June, 2023-24 over the corresponding period of previous year.

Fertilizers production, having 2.63 per cent weight increased by 3.4 per cent in June, 2023 over June, 2022 and its cumulative index increased by 11.3 per cent during the quarter April to June, 2023-24 over the corresponding period of previous year. Steel production, having 17.92 per cent weight increased by 21.9 per cent in June, 2023 over June, 2022 and its cumulative index increased by 15.9 per cent during the quarter April to June, 2023-24 over the corresponding period of previous year. Cement production, having 5.37 per cent weight increased by 9.4 per cent in June, 2023 over June, 2022 and its cumulative index increased by 12.2 per cent during the quarter April to June, 2023-24 over the corresponding period of previous year.

Electricity generation having 19.85 per cent weight increased by 3.3 per cent in June, 2023 over June, 2022 and its cumulative index increased by 1.0 per cent during the quarter April to June, 2023-24 over the corresponding period of previous year. However, Crude Oil production, having 8.98 per cent weight declined by 0.6 per cent in June, 2023 over June, 2022 and its cumulative index declined by 2.0 per cent during the quarter April to June, 2023-24 over the corresponding period of previous year.

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