India: Industrial production accelerates in September
November 12, 2013
Industrial production expanded 2.0% over the same month last year in September, according to the Quick Estimate of the Index of Industrial Production (IIP). The reading followed the revised 0.4% increase observed in August (previously reported: +0.6% year-on-year), but came in below market expectations of a 3.5% rise.
The expansion in September reflected a rebound in manufacturing production (September: +0.6% yoy; August: -0.2% yoy). In addition, both mining activity and electricity supply registered faster growth compared to the previous month. Annual average growth in industrial production inched up from 1.1% August to 1.3% in September.
FocusEconomics panelists expect industrial production to increase 3.9% in fiscal year 2013/2014, which is down 0.4 percentage points from last month's forecast. For fiscal year 2014/2015, the panel expects industrial output to expand 5.6%, which is unchanged over the previous month's forecast.
Author: Ricardo Aceves, Senior Economist