August Industrial Output at -1.10% y/y
Friday,
11-Oct-2019
05:37 PM (IST)
Industrial output crashed to an 81-month low in August, reducing by 1.1 per cent after a contraction in manufacturing output and a deepening slowdown in capital goods production pulled down growth. Falling by the highest margin since November 2012, the index of industrial production (IIP) is now expected to remain muted this fiscal year. The manufacturing sector, which accounts for 78 per cent of the index, saw output turn negative for the first time this fiscal year. Output fell 1.2 per cent in August after a rise of 4.6 per cent in July, showed the data released on Friday. In July, it had risen by 4.6 per cent. Back then, economists had cautioned against interpreting the data as a revival of industrial production.
|