India: Industrial production falls in March for the first time since June 2017
May 10, 2019
Industrial production fell 0.1% in March compared to the same month a year earlier, contrasting the 0.1% growth in February and sharply undershooting market analysts’ expectations of 1.3% growth. March’s reading represents the first annual decrease in industrial production since June 2017.
In terms of sectors, this latest outturn was due to a fall in manufacturing output, while mining output growth slowed markedly. On the other hand, electricity generation output accelerated in March. On a use-based classification, output of capital, consumer durable and intermediate goods all declined in March. On the other hand, primary, infrastructure and consumer non-durable goods observed growth.
Annual average growth in industrial production moderated 3.7% in March, down from 4.1% in February.
Author: Edward Gardner, Economist