Core Sector Growth Slumped by 2.5 Percent in February 2013
The production of eight core sector industries decreased by 2.5 percent in the month of February 2013, for the first time in 2012-13 financial year.
The production of eight core sector industries decreased by 2.5 percent in the month of February 2013, for the first time in 2012-13 financial year. This happened because of a decrease in the output of natural gas.
The biggest decline happened in the natural gas sector with more than 20 percent in February. This was followed by coal (-8 percent), electricity generation (-4.1 percent) and crude oil (-4 percent). The overall output growth of the core sector industries was witnessed at 7.7 percent in February 2012.
Negative performance in February 2013 diminished cumulative growth in 11 months of 2012-13 FY ending February to 2.6 percent in comparison to 5.2 percent during same period in 2011-12 FY.
Eight core industries include electricity, cement, crude oil, finished steel, petroleum refinery products, fertiliser, coal and electricity. These industries have weight of 37.9 percent in Index of Industrial Production (IIP).
During February 2013, fertiliser output decreased by 4 percent in comparison to 4.1 percent growth in February 2012. Cement output increased by 3.9 percent in comparison to 9.8 percent in February 2012. Petroleum refinery output increased by 4.3 percent in comparison to 6 percent in February 2012. Steel production increased by 0.5 percent in comparison to 8.7 percent in February 2012.
In January 2013, these core industries increased by 3.1 percent.