Eurozone hit by surprise fall in industrial output
13 April, 2017, 02:29 | Author: Malcolm Fuller
India's industrial production contracted by 1.2 percent in February due to poor performance manufacturing sector coupled with decrease in output of capital goods, as per data released by Central Statistics Office (CSO).
The decline in the IIP in February is mainly due to 2% contraction in manufacturing, which constitutes over 75% of the index.
Industrial output fell 1.2 percent in February from prior year, confounding expectations for an increase of 1.3 percent.
Industrial output dropped 0.3 percent month-over-month in February, reversing a 0.3 percent rise in January, which was revised down from 0.9 percent. Noting that the manufacturing sector continues to languish, Sunil Sinha, Principal Economist, India Ratings, said, "The overall macro-economic environment is conducive for growth but there are cyclical/structural factors both at the global as well as domestic level which is making the industrial/ manufacturing recovery a long drawn out process leaving one to wonder when will we reach the end of tunnel". On the other hand, factory output for February showed a 1.2 percent decline, after the 2.7 percent increase in January. Indicates that the growth remains fragile in manufacturing and need continued efforts to make the sector competitive.
Retail fuel inflation accelerated to 5.56% in March from 3.90% a month ago, driving overall consumer inflation higher.
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Retail inflation for March was a little elevated against February's 3.65 per cent. "Further ahead, though, the manufacturing PMI points to a sharp rise in annual industrial growth from February's 1.2% to as high as 5%, presumably supported by healthy global demand and a weak euro exchange rate". For milk & products and eggs, prices were up by 4.69% and 3.21% respectively.
Prepared meals, snacks and candies prices were also high as prices grew by 5.65 per cent. Sugar and confectionery inflation fell to 17.05 per cent in March from 18.83 per cent a month ago.
"Our internal estimate suggests that CPI inflation is unlikely to breach the 4 per cent mark till July 2017".
"If this is so, the RBI inflation forecast of 4-4.5 per cent will be materially undershot", it added.
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