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Industrial production declines 8% in August

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The IIP had contracted by 1.4% in August 2019.

Industrial production declined by 8% in August, primarily as a consequence of decrease output of producing, mining and energy era sectors, official knowledge confirmed on Monday.

According to the Index of Industrial Production (IIP) knowledge, manufacturing sector production registered a decline of 8.6% , whereas the output of mining and energy segments fell 9.8% and 1.8%, respectively.

Also learn: Retail inflation rises to 7.34% in September

The IIP had contracted by 1.4% in August 2019.

” It will not be applicable to check the IIP in the publish pandemic months with the IIP for months previous the COVID 19 pandemic,” the Ministry of Statistics and Programme Implementation stated in an announcement.

“With the gradual relaxation of restrictions, there has been a relative improvement in the economic activities by varying degrees as well as in data reporting,” it added.

Meanwhile, the contraction in IIP in July has been revised to (-)10.8% from the (-) 10.4percentt provisional knowledge launched final month.

Similarly, May IIP has been revised marginally to 33.4% contraction from 33.9% decline.

The decline in IIP for June remained unchanged at (-) 15.8%.

The authorities had imposed a lockdown to include the unfold of COVID-19 infections on March 25, 2020.

The IIP had shrunk by 57.3% in April as most industrial and industrial institutions remained closed.

As per the most recent knowledge, the manufacturing sector, which constitutes 77.63% of the IIP, recorded a decline of 8.6% in August 2020, as towards a contraction of 1.7% in the identical month final 12 months.

Similarly, mining sector output fell 9.8% as towards a flat progress in August 2019.

Power era shrank by 1.8%, in comparison with a contraction of 0.9% a 12 months in the past.

Output of capital items, which is a barometer of funding, fell by 15.4% in August as towards a contraction of 20.9% earlier.

Consumer durables output additionally declined by 10.3%, as towards a contraction of 9.7% in August 2019.

Consumer non-durable items production fell 3.3%, in comparison with a progress of three.1% a 12 months in the past.

The IIP for April-August interval has contracted by 25%, in keeping with the info. It had registered a progress of two.5% throughout the identical interval final fiscal.

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