Growth in eight core industries slows to 2.7 pc in July

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SME Times News Bureau | 02 Sep, 2014
Eight core industries such as coal, electricity, crude oil, cement and steel, grew 2.7 percent in July this year, compared to 5.3 percent during the corresponding month of last year, official data showed Thursday.

The index of eight core industries having a combined weight of 37.90 percent in the Index of Industrial Production (IIP) with base 2004-05 stood at 163.9 in the month under review, the ministry of commerce and industry said in a statement.

Electricity generation, which has 10.32 percent weight in the IIP, grew 11.2 percent in June 2014 as compared to a standstill growth in the same month of previous year.

Cement production grew 16.5 percent and coal production was up 6.2 percent.

However, five of the eight core industries registered negative growth in July.

Crude oil output was lower 1.00 percent in the month under review, natural gas production fell 9.00 percent, fertilizers output was down 4.2 percent.

Petroleum and refinery products was fell 5.5 percent and Steel products was down 3.4 percent.

The IIP, the barometer for measuring industrial output, had increased by 3.4 percent in June.

The IIP data for July has not been released yet.