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May factory output up 5.2%
Hindustan Times
|July 13, 2023
After moderating for four months, retail inflation grew higher-than-expected in the month of June on the back of higher food prices. Factory output, as measured by the Index of Industrial Production (IIP), meanwhile, rose 5.2% in May, the highest since February 2023.
According to data released by the National Statistical Office (NSO), industrial growth rose 5.2% in May from 4.5% in April. The latest number positively surprised analysts since it turned out marginally higher than the Bloomberg forecast of 5%.
Manufacturing, which has a weight of more than three-fourth of the index, grew at 5.7% in May, from 5.2% in April. Electricity sector grew by 0.85% in May against a 1.1% contraction in April, signalling the rise in power demand owing to high temperatures in May.
Denne historien er fra July 13, 2023-utgaven av Hindustan Times.
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