India Industry November 2018

India

India: Industrial production growth slumps in November amid fewer working days

January 11, 2019

Annual industrial production growth slowed to 0.5% in November, down from October’s revised 8.4% (previously reported: +8.1% year-on-year). This outturn undershot market analysts’ expectations of 3.6% growth and was largely due to fewer working days than in the same month a year earlier owing to Diwali festivities.

In terms of industrial sectors, production growth slowed primarily due to a contraction in manufacturing sector output, which represents approximately 80% of total industrial production in India. In addition, output growth in the electricity and mining sectors slowed in November. On a use-based classification, industrial production in November was weighed on by falling output of intermediate, capital, consumer durable and consumer non-durable goods. Output growth of primary and infrastructure goods, meanwhile, slowed in November.

FocusEconomics panelists expect industrial production to increase 5.9% in fiscal year 2018, which is up 0.1 percentage points from last month’s forecast. For fiscal year 2019, the panel expects industrial output to expand 6.2%.


Author:, Economist

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India Industry November 2018

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Ministry of Statistics and Programme Implementation (MOSPI) and FocusEconomics calculations.


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