Output of eight core industries slows down to 6.1% in July 2024
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The Ministry of Commerce & Industry in its latest data has showed that the output of eight core industries slowed down to 6.1 per cent in July 2024 from 8.5 percent in the same period last year due to a decline in the output of crude oil and natural gas. However, the growth rate is up from 5.1 per cent in June 2024. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
Coal production having 10.33 per cent weight increased by 6.8 per cent in July, 2024 over July, 2023, and its cumulative index increased by 9.9 per cent during April to July, 2024-25 over corresponding period of the previous year. Electricity generation having 19.85 per cent weight increased by 7.0 per cent in July, 2024 over July, 2023 and its cumulative index increased by 9.9 per cent during April to July, 2024-25 over corresponding period of the previous year. Steel production having 17.92 per cent weight increased by 7.2 per cent in July, 2024 over July, 2023 and its cumulative index increased by 7.6 per cent during April to July, 2024-25 over corresponding period of the previous year.
Cement production having 5.37 per cent weight increased by 5.5 per cent in July, 2024 over July, 2023 and its cumulative index increased by 1.6 per cent during April to July, 2024-25 over corresponding period of the previous year. Fertilizer production having 2.63 per cent weight increased by 5.3 per cent in July, 2024 over July, 2023 and its cumulative index increased by 1.3 per cent during April to July, 2024-25 over corresponding period of the previous year. Petroleum Refinery production having 28.04 per cent weight increased by 6.6 per cent in July, 2024 over July, 2023 and its cumulative index increased by 2.3 per cent during April to July, 2024-25 over corresponding period of the previous year.
However, Crude Oil production having 8.98 per cent weight declined by 2.9 per cent in July, 2024 over July, 2023 and its cumulative index declined by 1.3 per cent during April to July, 2024-25 over corresponding period of the previous year. Natural Gas production having 6.88 per cent weight declined by 1.3 per cent in July, 2024 over July, 2023, while its cumulative index increased by 4.3 per cent during April to July, 2024-25 over corresponding period of the previous year.
