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Eight key sector industries’ growth rate drops to 3.3 per cent in August from 12.2 per cent in the same month last year. This is a nine-month low and a decline of 8.90% from the same month last year. The previous low was in November 2021 at 3.2%. The production growth of eight infrastructure sectors — including coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and electricity — was 9.8% from April to August of this fiscal year, compared to 19.4% recorded in the same period last year, according to official data released on Friday.
The weight of the items included in the Index of Industrial Production (IIP) is made up of the Eight Core Industries in 40.27 per cent. August 2022 saw an increase in the output of steel, cement, coal, refinery products, fertilisers, and electricity compared to the same month the previous year, according to official statistics issued by the Ministry of Commerce & Industry on Friday. Index of Eight Core Industries (ICI) measures the combined and individual performance of output in chosen eight essential industries, namely Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, and Electricity.
The Index of Eight Core Industries’ overall growth rate for May 2022 is adjusted from its initial reading of 18.1% to 19.3%. ICI’s growth rate from April through August 2022–2023 was 9.8% higher than it was during the same time period the previous FY, the official release of the Ministry of Commerce & Industry says.
Production of coal (weight: 10.33%) grew by 7.6% in August 2022 compared to August 2021. In comparison to the same time in 2022–2023, its cumulative index rose by 22.7% from April until August in FY23. Production of crude oil (weight: 8.98%) fell by 3.3% YoY in August 2022, and its cumulative index fell by 1.1% from April to August 2022–2023 compared to the same period in the previous year.
Natural gas output (weight: 6.88%) fell by 0.9% YoY in August 2022, while its cumulative index rose by 2.6% from April to August 2022–2023 compared to the same period the year before. Production at petroleum refineries (weight: 28.04%) climbed 7.0% YoY in August 2022 over August 2021, and overall cumulative index climbed 10.8% from April to August 2022–2023 over the same period in the previous year.
Fertilizer output (weight: 2.63%) rose 11.9% YoY in August 2022 compared to August 2021, and its cumulative index rose 11.4% from April to August 2022–2023 compared to the same period the year before. When compared to August of the previous year, steel output (weight: 17.92%) climbed by 2.2% YoY in August 2022, while its cumulative index jumped by 5.8% from April to August of the corresponding period of the year before.
In August 2022, cement output (weight: 5.37%) climbed by 1.8% compared to August 2021, and its cumulative index grew by 10.6% from April to August 2022–2023 compared to the same period in the previous year. While the cumulative index climbed by 10.5% from April to August 2022–2023 compared to the same time the previous year, electricity generation (weight: 19.85%) jumped by 0.9% in August 2022 versus August 2021.
(With input from agencies)
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