India: Industrial production rebounds in January
March 10, 2017
Industrial production in India rebounded in January, after contracting in December. Industrial output expanded 2.7% compared to the same month of 2016, which contrasted with December’s revised 0.1% decrease (previously reported -0.4% year-on-year).
January’s result was driven chiefly by a rebound in manufacturing output, which grew 2.3% annually (December: -1.7% yoy). In contrast, electricity output deteriorated growing 3.9%, below December’s 6.3% and mining growth eased to 5.3% (December: +5.5% yoy).
On a use-based classification, the production of capital goods kicked into a higher gear and increased 10.7%. Meanwhile, the contraction in consumer goods moderated in January, while basic goods output grew at a slower pace.
Annual average growth in industrial production rose to 0.7% from December’s 0.3%. The result was the best reading in five months.