Industrial production at two-year high! IIP records 6.7% growth in November; fueled by mining, manufacturing sectors

The country’s industrial output reached a two-year highk, growing by 6.7 per cent in November, according to the official Index of Industrial Production (IIP) data released Monday.This marks an improvement from the 5 per cent growth recorded in November last year, according to data released by the National Statistics Office (NSO). The surge was largely because of strong performances in mining and manufacturing sectors. “The growth is led by Manufacture of basic metals and fabricated metal products, pharmaceuticals and motor vehicles,” stated the ogvernment press release.The manufacturing sector led the growth surge, expanding by 8 per cent, up from 5.5 per cent in the same month last year. Mining also recorded huge gains, rising by 5.4 per cent compared to 1.9 per cent a year ago.However, not all sectors showed growth. The electricity sector faced challenges, with production dropping by 1.5 per cent, as compared to the 4.4 per cent growth seen in the same period last year.Looking at the broader picture, the NSO also revised October industrial production growth slightly upward to 0.5 per cent from the earlier estimate of 0.4 per cent. The current growth rate is still below the 11.9 per cent peak of November 2023.The overall industrial growth for April-November has slowed down. The growth rate stands at 3.3 per cent, slightly lower than the 4.1 per cent recorded in the same period last year.