Slowdown Continues: November Core Sector Growth Contracts By 1.5%

Contraction in eight major industries continued for the fourth consecutive month in November as the output pace receded by -1.5 per cent. However, the rate of contraction in November was slower than the sharp plunge of -5.8 per cent registered in October.

On a year-on-year basis, the growth rate stood at 3.3 per cent in November 2018.

The eight core industries include coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity.

According to the Index of Eight Core Industries (ECI), barring refinery products, fertilizers and cement, all other sectors contracted in November.

The ECI comprises over 40 per cent of the weight of items included in the Index of Industrial Production (IIP).