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India September Industrial Production Growth Misses Expectations

12 November 2017

The third quarter production growth figure was revised up by 0.1% from the initial estimate released on October 25.

The estimate came after figures from the Office for National Statistics showed industrial output in September growing at its fastest pace this year, while activity on building sites stalled.

The ONS reported that industrial production rose by 0.7 per cent in the month, more than double the 0.3 per cent financial analysts had expected.

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British industry had its strongest month so far this year in September, but more signs of strain on consumers and a plunge in construction were reminders that the economy looks set for a hard 2018 as Brexit approaches.

The IIP for the mining, manufacturing and electricity sectors for September stand at 94.6, 125.1 and 150.5, respectively, with the corresponding growth rates of 7.9 per cent, 3.4 per cent and 3.4 per cent as compared to September 2016.

Some important items showing high positive growth during the current month over the same month in previous year include "separators including decanter centrifuge" (117.4%), "bodies of trucks, lorries and trailers" (94.5%), and steroids and hormonal preparations (including anti-fungal preparations). The cumulative growth in these three sectors during April-September 2017 over the corresponding period of 2016 has been 3.9 percent, 1.9 percent and 5.7 percent respectively.

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However, the total trade deficit widened by GBP 3 billion to GBP 9.5 billion in the three months to September, mainly due to an increase in imports of goods, mainly machinery, non-monetary gold and fuels. Economists had expected a shortfall of GBP 12.80 billion.

The figures reportedly suggest that manufacturing may help to counteract a consumer-led slowdown in the economy.

That was not enough to prevent a deterioration in Britain's trade performance in the third quarter, however, which looks likely to be a sizeable drag on economic growth.

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The visible trade deficit narrowed to GBP 11.25 billion in September from GBP 12.35 billion in the previous month.

India September Industrial Production Growth Misses Expectations