February IIP at 0.6%, beats estimates

Moneycontrol Bureau

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