RTTNews - The Index of six core industries having a combined weight of 26.7% in the Index of Industrial Production or IIP registered a growth rate of 2.8% in May, down from 3.1% for the same month last year, Ministry of Commerce and Industry say. The lower growth rate was attributed to the negative contribution from crude oil and petroleum production. During the first two months of this fiscal, the cumulative growth was 3.9%, up from 2.7% in the corresponding period a year ago.
During May, crude oil production showed a negative growth of 4.3%, compared to a positive growth of 3.2% in May 2008, while Petroleum refinery also registered a negative growth of 4.3%, compared to a positive growth of 0.1% in the same month last year.
In the case of coal production during May, the growth rate increased to 10.2% from 8.8% in May 2008. Electricity generation registered a growth of 3.3%, up from 2% in the same month last year.
During May, the growth rate of cement production was 11.6%, compared to 3.8% in May 2008, whereas the Finished (Carbon) Steel production registered a growth rate of 1.4%, down from 3.3% for the same month in the preceding year.
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