Core Sector Growth Slumps in October 2024

The growth of eight key infrastructure sectors in October 2024 plummeted to 3.1%, compared to 12.7% the previous year. While monthly production growth did increase slightly from September, declines in crude oil and natural gas, along with moderate growth in coal, cement, and others, highlight concerns.

In a surprising downturn, the eight key infrastructure sectors recorded a growth of just 3.1% in October 2024, a significant decrease from the 12.7% seen in the same month last year, according to official data published on Friday.

However, on a monthly basis, the sectors did show a slight improvement, outperforming the 2.4% growth noted in September 2024. Specifically, crude oil and natural gas output saw a decline.

On the positive side, refinery products showed promising results with a growth of 5.2% for the month. Meanwhile, the combined contribution of these sectors makes up 40.27% of the Index of Industrial Production, which is a metric for overall industrial performance.

(With inputs from agencies.)