Page 18 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 12: Quarterly projection of real GDP growth (y-o-y)

Source- NSO

Index of Industrial Production (IIP for month of August 2024)

The Quick Estimates of Index of Industrial Production (IIP) are released on 12th of every month with a six
weeks lag. Key Highlights are as below: -

• The IIP growth rate for the month of August 2024 is (-)0.1 percent which was 4.7% in the
month of July 2024.

• The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of
August 2024 are (-)4.3 percent, 1.0 percent and (-)3.7 percent respectively. It is likely that the
decline in the growth of Mining sector is due to heavy rainfall in the month of August 2024.

• The Quick Estimates of IIP stands at 145.6 in August 2024 against 145.8 in August 2023

• The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for
the month of August 2024 stand at 107.1, 145.9 and 212.3 respectively.

• Within the manufacturing sector, top three positive contributors for the month of August
2024 are – “Manufacture of basic metals” (3.0%), “Manufacture of electrical equipment”
(17.7%), and “Manufacture of chemicals and chemical products” (2.7%).

• The corresponding growth rates of IIP as per Use-based classification in August 2024 over
August 2023 are (-)2.6 percent in Primary goods, 0.7 percent in Capital goods, 3.0 percent in
Intermediate goods, 1.9 percent in Infrastructure/ Construction Goods, 5.2 percent in
Consumer durables

October 2024 Page | 17