India: Industrial production sinks in August
October 11, 2019
Industrial production fell 1.1% in year-on-year terms in August, contrasting July’s revised 4.6% increase (previously reported: +4.3% year-on-year).
Most industrial sectors contributed to the slump in August, with output in the manufacturing sector dropping the most, followed by output in the electricity sector. On the other hand, mining production increased marginally in August. By use, production of capital goods collapsed by 21% in August, while output of construction and consumer durable goods also decreased. Meanwhile, output of primary goods, intermediate goods and consumer non-durable goods all increased.
Annual average growth in industrial production moderated to 2.7% in August from 3.2% in July.
Author: Edward Gardner, Economist