Industrial output falls to 0.5% in November, slowest since June 2017

NEW DELHI: Industrial output in November grew 0.5 per cent from a year earlier, the slowest since June 2017, government data showed on Friday.

Factory output as measured in terms of the Index of Industrial Production (IIP) had grown by 8.5 per cent in November 2017, as per data released by the Central Statistics Office (CSO) on Friday.

The previous low was in June 2017, when IIP growth contracted by 0.3 per cent.

A Reuters poll of economists had forecast a growth of 4.1 per cent for November.

November’s growth was much slower than an upwardly revised 8.4 per cent year-on-year increase in October, the data showed.

During the April-November period, industrial output grew 5 per cent as compared to 3.2 per cent in the same period of the previous fiscal.

The manufacturing sector, which constitutes 77.63 per cent of the index, recorded a contraction of 0.4 per cent in November as against a growth of 10.4 per cent a year ago.

The mining sector posted 2.7 per cent growth during the month as against 1.4 per cent in November 2017.

Power sector output also grew by 5.1 per cent from 3.9 per cent a year ago.

Capital goods output declined by 3.4 per cent, compared to 3.7 per cent growth a year ago. Consumer durables output also dipped by 0.9 per cent as against a growth of 3.1 per cent a year earlier. Consumer non-durable goods also saw a contraction of 0.6 per cent as compared to 23.7 per cent growth a year ago.

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