Industrial production increased by 4.9 percent in March, good growth in this sector

The weak performance of the mining industry resulted in a monthly growth rate of 4.9 percent for domestic industrial production in March, down from 5.6 percent in February of this year. In March 2023, the industrial production rate was 1.9%. The industrial production growth rate for the entire fiscal year has been 5.8%, up from 5.2% for the previous fiscal year, according to data from the statistics ministry.

According to the data, the growth rate of the mining sector declined to 1.2 percent in March which was 6.8 percent in the same period last year. The growth rate of the manufacturing sector has been 5.2 percent which was 1.5 percent in March last year. Last month there was a growth of 8.6 percent in electricity production and 9.5 percent growth in the consumer durables sector. The growth rate of the capital goods sector has declined to 6.1 percent which was 10 percent in March last year.

The production of consumer non-durable goods grew by 4.9 percent during the month compared to a contraction of 1.9 percent in March 2023. According to the data, infrastructure/construction goods registered a growth of 6.9 percent in March 2024 compared to 7.2 percent in the year-ago period.

The data also showed that the production of primary goods registered a growth of 2.5 percent in March this year, which was less than 3.3 percent a year ago. The expansion in the intermediate goods segment was 5.1 percent in the month under review, higher than the 1.8 percent recorded in the same period a year ago.