refinery products Current Affairs - 2019
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The output from the eight core sectors which include coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity witnessed a growth of 2.1 per cent in February, compared to the corresponding month last year as per the data from the Ministry of Commerce and Industries.
How Core Industries Performed?
- The production of cement (weight: 5.37%) grew at 8%, the most of all core industries.
- Coal (weight: 10.33%) production rose by 7.3%.
- Crude oil (weight: 8.98%) output increased by 6.1%.
- Steel production (weight: 17.92%) increased by 4.9%.
- Natural gas (weight: 6.88%) production increased by 3.8%.
- Fertilisers (weight: 2.63%) production increased by 2.5%.
- Electricity production increased by 0.7%.
- The output of refinery products (weight: 28.04%) declined by 0.8% in February.
The combined Index of Eight Core Industries stood at 125.8 in February 2019 and it was 2.1 per cent higher as compared to the index of February 2018. The cumulative growth of the core industries during April to February 2018-19 was 4.3 per cent.
The growth rate eight core sectors which include coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity witnessed a decline as per the data from the Ministry of Commerce and Industries.
Reduced growth rate of Core Sector
- The core sector which had witnessed a 6.2% growth in January 2018 witnessed a growth rate of 1.8 % in January
- The decline in the output of crude oil, refinery products and electricity pulled down the growth of eight core sectors to 1.8 %.
- The declining trend which has been witnessed since October 2018 suggests continued weakness in industrial activities and a weak second half economic growth in the financial year 2018-19.
- Production of crude oil, refinery products and electricity contracted 4.3%, 2.6% and 0.4%, respectively.
- Coal and cement output slowed to 1.7% and 11% in January as against 3.8% and 19.6% in January 2018, respectively.
- Natural gas, fertilisers and steel output grew 6.2%, 10.5% and 8.2 % respectively.
- Higher fertiliser growth has been attributed to the negative base effect last year.
Sluggish core sector growth would impact the Index of Industrial Production (IIP) as these segments account for about 41 per cent of the total industry output.