Core sector growth slows to 2.3% in May

After showing some signs of recovery in April, growth in the output of eight core industries slowed to 2.3 per cent in May as against 5.9 per cent in same month a year ago.

Growth in the sector, which has a combined weight of about 38 per cent in the Index of Industrial Production (IIP), was 4.2 per cent in April.

The segments that recorded negative growth last month were crude oil (-0.3 per cent), natural gas (-2.2 per cent), refinery products (-2.3 per cent) and steel (-2 per cent).

However, according to the data released by the Ministry of Commerce and Industry, the output of coal, fertilisers, cement and electricity went up by 5.5 per cent, 17.6 per cent, 8.7 per cent and 6.3 per cent, respectively.

During April-May, growth in the eight core industries slowed to 3.3 per cent as against 4.9 per cent in the year-ago period.

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