Industrial output grows 2% in February after three months of decline

Industrial production in the country expanded at a modest 2 per cent in February 2016 after three consecutive months of declining production, quick estimates released by the Central Statistics Office (CSO) showed.

Cumulative growth of industrial production during the period April-February 2015-16 stood at 2.6 per cent year-on-year.

Industrial production in the country had registered a negative growth of 1.5 per cent in January on the back of a negative growth (- 2.8 per cent) in manufacturing during the month.

Industrial production had recorded a nine-month high of 5.0 per cent in February 2015, aided by increased production of both capital goods and consumer goods.

Production in the mining, manufacturing and electricity sectors recorded growth rates of 5.0 per cent, 0.7 per cent and 9.6 per cent, respectively, in February 2015. The three sectors recorded cumulative growth of 2.4 per cent, 2.3 per cent and 5.1 per cent, respectively, during April-February 2015-16.

Sixteen out of the 22 industry groups in the manufacturing sector showed positive growth during the February 2016.

The industry group 'office, accounting and computing machinery' recorded the highest growth of 37.9 per cent, followed by 'furniture, manufacturing' 27.9 per cent, and 'medical, precision and optical instruments, watches and clocks' 20.4 per cent.

On the other hand, the industry group 'electrical machinery and apparatus' showed the highest negative growth of (-) 47.1 per cent, followed by 'wearing apparel; dressing and dyeing of fur' (-) 7.9 per cent and 'publishing, printing and reproduction of recorded media' (-) 8.5 per cent.

Basic goods production increased by 5.4 per cent in February 2016, while capital goods production registered a decline of 9.8 per cent and Intermediate goods production expanded by 5.7 per cent.

Production of consumer durables and consumer non-durables recorded growth rates of 9.7 per cent and (-) 4.2 per cent, respectively, with the overall growth in consumer goods being 0.8 per cent.