Business

Industrial Production Index jumps to 19.6 percent in May

The Index of Industrial Production (IIP) jumped 19.6 percent in May this year as against 7.1 percent in preceding month. According to the data released by the National Statistical Office, the manufacturing sector’s output grew 20.6 percent in May this year while the mining output climbed 10.9 percent and the Electricity sector surged 23.5 percent.

The IIP had grown by 27.6 percent in May last year, mainly due to the low-base effect. Industrial production has been hit due to the Covid-19 pandemic since March 2020, when it had contracted 18.7 percent.

IIP is an index that details out the growth of various sectors in the economy. The Eight Core Industries comprise more than 40 percent of the weight of items included in IIP. These are Electricity, steel, refinery products, crude oil, coal, cement, natural gas, and fertilizers.

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