Industrial production growth slows to 1.7% in January 2019
The Central Statistics Office (CSO) has released the data for the Index of Industrial Production (IIP) for the month of January. The IIP data shows that:
- Industrial output growth stood at 1.7 per cent in January against the 2.6% growth recorded in December 2018.
- The CSO has revised the industrial production growth for December 2018 has been revised upwards from 2.4% to 2.6%.
- The growth of output of manufacturing sector moderated to 1.3% and the electricity generation rose a mere 0.8% in January 2019.
- The mining output rebounded 3.9% in January 2019, snapping 1% decline in December 2018.
- Capital goods output declined 3.2% in January 2019 and the output of intermediate goods also fell by 3.0% in January 2019.
- The output of primary goods increased by 1.4%, while that of infrastructure/ construction goods moved up 7.9% in January 2019 when compared to January 2018.
- The output of consumer durables moved up 1.8%, while that of consumer non-durable durables also rose 3.8% in January 2019 when compared to January 2018.
- Eleven out of the twenty-three industry groups in the manufacturing sector have shown positive growth during the month of January 2019 as compared to January 2018.
- The cumulative industrial production increased by 4% in April-January FY2019 compared with 4.1% growth in April-January FY2018.
- The manufacturing sector growth has improved to 4.4% in April-January FY2019 from 4.2% growth in the corresponding period last year.
- The electricity generation output growth also improved to 5.8%, while mining output growth accelerated to 5.3% in April-January FY2019.
Index of Industrial Production
Index of Industrial Production (IIP) is a composite indicator that measures the changes in the volume of production of a basket of industrial products during a given period with respect to the volume of production in a chosen base period. The base year for the IIP is 2011-12.