Industrial production growth at a 17-month high of 8.4% in November

Growth of industrial production in the country accelerated to a 17-month high of 8.4 per cent in November, confirming that an economic recovery is underway amid rising prices.

Data released by the Central Statistics Office (CSO) on Friday showed the Index of Industrial Production (IIP) rose to 8.4 per cent in November from 2 per cent in October.

Cumulative growth for the period April-November 2017 over the corresponding period of the previous year stood at 3.2 per cent.

Production in the mining, manufacturing and electricity sectors showed growth rates of 1.1 per cent, 10.2 per cent and 3.9 per cent, respectively, in November 2017.

Cumulative growth in these three sectors during April-November 2017 stood at 3.0 per cent, 3.1 per cent and 5.2 per cent respectively.

Fifteen out of the 23 industry groups in the manufacturing sector have shown positive growth during November 2017 compared to the corresponding month of the previous year.

The industry group 'manufacture of pharmaceuticals, medicinal chemical and botanical products' has shown the highest positive growth of 39.5 per cent, followed by 'manufacture of computer, electronic and optical products' (29.1 per cent) and 'manufacture of other transport equipment' (22.6 per cent).

On the other hand, the industry group 'other manufacturing' has shown the highest negative growth of (-) 15.9 per cent, followed by 'manufacture of wearing apparel' (-) 13.1 per cent and 'manufacture of electrical equipment' (-) 11.2 per cent.

Production of primary goods increased by 3.2 per cent in November 2017 while capital goods production increased by 9.4 per cent and production of intermediate goods increased by 5.5 per cent. Output in the infrastructure / construction goods segment increased by 13.5 per cent during the month.

Some important item groups showing high positive growth during November  2017 included 'bodies of trucks, lorries and trailers' (202 per cent), 'digestive enzymes and antacids, including PPI drugs' (110.7 per cent), 'separators including decanter centrifuge' (71.4 per cent), 'axles' (61.9 per cent), 'stainless steel utensils' (55.5 per cent), 'sugar' (46.4 per cent), 'steroids and hormonal preparations, including anti-fungal preparations' (40.9 per cent), 'HR coils and sheets of mild steel' (37.2 per cent), 'HR plates of mild steel' (22.8 per cent) and 'two-wheelers (motorcycles/ scooters)' (20.7 per cent).

Some important groups that have registered high negative growth include 'jewellery of gold' (- 68.7 per cent), 'anti-malarial drug' (- 66.4 per cent), 'hand tools, including interchangeable tools, not mechanised' (- 51.8 per cent), 'plastic jars, bottles and containers' (- 43.9 per cent), 'printing machinery' (- 40.4 per cent), 'electric heaters' (- 37.1 per cent), 'purified terephthalic acid' (- 27.7 per cent), 'bags/pouches of HDPE/LDPE' (- 24.8 per cent), 'plastic components of packing/ closing/ bottling articles and of electrical fittings' (- 23.0 per cent), 'electrical apparatus for switching or protecting electrical circuits' (- 22.6 per cent), 'readymade garments, knitted' (- 21.6 per cent), 'generators / alternators' (- 21.6 per cent and 'tooth paste' (- 20.2 per cent).