Industrial production grows by 3.8% in November

The revised figure for October last year remained unchanged, a contraction of 4.2 per cent, according to the data released by Central Statistics Office on Monday.

Reviving hopes of economic recovery, industrial production grew at a 5-month high of 3.8 per cent in November due to improvement in manufacturing and mining sectors as well as better offtake of capital goods.

The factory output, as measured by the Index of Industrial Production, had declined by 1.3 per cent in the same month of 2013.

The revised figure for October last year remained unchanged, a contraction of 4.2 per cent, according to the data released by Central Statistics Office on Monday.

For the April-November period of the 2014-15 fiscal, IIP is up 2.2 per cent, as against 0.1 per cent in same period of last fiscal.

Manufacturing output, which constitutes over 75 per cent to the index, grew by 3 per cent in November, compared to a dip of 2.6 per cent in the same month a year ago.

For April to November, the sector saw an output growth of 1.1 per cent, compared to a contraction 0.4 per cent in the year-ago period.

Output of the mining sector grew by 3.4 per cent in November, compared to a growth of 1.6 per cent.

During the April-November period, the production has grown by 2.5 per cent, compared to a contraction of 2.1 per cent during the first eight months of last fiscal.

The production of capital goods, a barometer of demand, grew by 6.5 per cent in November, as against a growth of 0.1 per cent in same month of last year.

During the April-November period, capital goods output grew by 4.9 per cent as against a dip in production by 0.1 per cent.

Overall, 16 of the 22 industry groups in manufacturing showed positive growth in November.