February IIP at 0.6%, beats estimates
The industrial output numbers for the month of February has come in better-than expected at 0.6 percent against an expectation of a contraction.
The industrial output (IIP) numbers for the month of February has come in better-than expected at 0.6 percent against an expectation of a contraction. The bounce in the industrial output has come due to contribution from consumer goods sector, which turned positive for the first time in a year at 0.5 percent.. A CNBC-TV18 poll had estimated the number to be at a negative 1.7 percent.
Barring consumer goods, all other constitiuents of industrial output basket have declined. Mining sector, electricity and consumer non-durables growth continue to disappoint. Manufacturing growth fell to 2.2 percent versus 4 percent year-on-year. However, in the April-February period, industrial production grew at an annual rate of 0.9 percent.
Sector-wise growth internals:
- Manufacturing growth at 2.2% vs 4.1% YoY
- Electricity sector growth at -3.2% vs 8% YoY
- Mining growth at -8.1% vs 2.3% YoY
- Basic goods growth at -1.8% vs 7.6% YoY
- Intermediate goods growth at -0.7% vs 1% YoY
- Capital goods growth at 9.5% vs 10.5% YoY
- Consumer goods growth at 0.5% vs -0.4% YoY
- Consumer durables growth at -2.7% vs -6.2% YoY
- Consumer non durables growth 2.9% vs 4.4% YoY