After hitting a 10-month low of 0.7 per cent in December last, industrial output grew by 1.3 per cent this January, driven by manufacturing, mining, power generation and a lower base effect, according to data released by the National Statistical Office (NSO). supported by. ) on Friday.
While production in mining, manufacturing and power categories remained above pre-Covid levels, manufacturing output declined over the previous month considering the full impact of the restrictions. omicron The form of Kovid appeared in the production. The Index of Industrial Production (IIP) which had seen an increase of 0.4 per cent in December 2021 – has now been revised down to 0.7 per cent and decreased by 0.6 per cent in January 2021.
Ukraine’s impact on recovery
Manufacturing output is unlikely to grow rapidly in the coming times, as the Ukraine crisis is a major headwind for industrial recovery.
Mining output grew 2.9 percent in January, up from 2.5 percent a year ago, while electricity generation grew 0.9 percent against 5.5 percent. Capital goods production declined by 1.4 per cent against a contraction of 9 per cent a year ago. Consumer durables production declined by 3.3 per cent against a contraction of 0.1 per cent a year ago.