According to data released by the Ministry of Commerce and Industry on Thursday, the index of eight core industries for February 2024 was recorded at 6.7 percent which is up from 4.1 percent in January 2024.
If we compare it with February 2023 where the growth was 7.4 percent, at the end of the year, December 2023, the growth fell to 4.9 per cent.
The contribution from the core industries to this growth include coal, natural gas, steel, cement, crude oil, electricity, and refinery products. As per the credible data, these eight core sectors contribute 40.27 percent to the country's Index of Industrial Production (IIP).
If we compare to the same time last year, coal production recorded a substantial growth rate of 11.6 percent in February 2024. While cement production witnessed a notable increase of 10.2 percent. In addition, crude oil production witnessed a growth of 7.9 percent and electricity generation increased by 6.3 percent.
While petroleum refinery production was up by 2.6 %, natural gas production also registered a significant growth of 11.3% in February 2024. At the same time, fertilizer production has declined by 9.5 percent in February 2024. Additionally, steel production also saw a noteworthy growth of 8.4 percent in February 2024.
The ministry has clearly said that the data for December 2023, January 2024, and February 2024 were temporary and will be subjected to changes. Moreover, the disclosure of the index for March 2024 is scheduled for 30th April.
