Industrial production grows at 2.7 per cent in August

Industrial production in the country grew at 2.7 per cent year-on-year in August 2012, showing some signs of an improvement from the sluggish 0.1 per cent growth recorded in the previous month.

The index of industrial production (IIP) for August 2012 stood at 165.7, showing a 2.7-per cent increase from the level in August 2011, quick estimates provided by the Central Statistical Office (CSO) showed.

For the first five months of the financial year ended August 2012, industrial production showed a cumulative growth of 0.4 per cent compared to the similar period of the previous year.

Production indices for the mining, manufacturing and electricity sectors for August 2012 stood at 117.3, 176.6 and 152.2, respectively, with the corresponding growth rates of 2.0 per cent, 2.9 per cent and 1.9 per cent compared to the levels in August 2011.

The three sectors showed cumulative growth of (-) 0.6 per cent, 0.0 per cent and 4.8 per cent, respectively, during April-August 2012-13 over the corresponding period of 2011-12.

Thirteen out of the 22 industry groups in the manufacturing sector showed positive growth during August 2012, compared to the corresponding month of the previous year.