Monday, October 2, 2023

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IIP at 10-month low in Dec

Industrial output slumped to a 10-month low of 0.4 per cent in December, dragged down by manufacturing, capital goods and consumer durables output along with an unfavourable base, according to data released Friday by the National Statistical Office (NSO).

Industrial output, as measured by IIP (Index of Industrial Production), surged 2.2% in the month of December 2020 and rose 1.4% in the month of November last year.

The biggest laggard for the industrial output in December was the 0.1 per cent contraction in manufacturing output, which accounts for 77.6 per cent of the weight of the IIP. Manufacturing output had grown 0.8 per cent in the previous month and 2.7 per cent a year ago.

The mining output growth too slowed during the December month at 2.6% as compared to a rise 4.9% in November, while manufacturing sector output contracted 0.1% as against a rise 0.8% in the preceding month.

Meanwhile, the electricity generation accelerated in December, rising 2.8% versus 2.1% in November. Industrial production has been surging for the past few months mainly due to low-base of last year, but the latest print suggests the base effect is waning.

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