The Index of Industrial Production (IIP) grew by 5% for April 2024, compared to 4.6% growth during the same month of the previous year.

IIP tracks activity in manufacturing, mining, and electricity generation

IIP shows the performance of the industrial sector.

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The IIP figure for April 2024 stood at 147.7 compared to 140.7 in the same month last year, according to data released by the Ministry of Statistics and Programme Implementation.

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Mining growth increased from 5.1% last year’s April to 6.1% this year and electricity growth increased from a negative growth of -1.1 to 10.2% this year. Manufacturing growth dropped from 5.5% to 3.9%.

The top three contributors to the IIP growth are primary goods (7%), infrastructure/construction goods (8%) and consumer durables (9.8%).

However, the growth rate when compared sequentially is at a 3-month low, as it was 5.6% in February, and 5.4% in March 2024.

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