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MY: Growth of core industries slows to 2.3% in May
 
The combined index of these industries—coal, crude oil, natural gas, petroleum refinery products, fertilisers, steel, cement and electricity—was at 159.2 in May 2013 with a growth rate of 2.3%, according to official data

Growth in eight infrastructure industries slowed to 2.3% in May mainly due to contraction in crude oil, natural gas, coal and fertiliser output.

The eight core industries had expanded at a rate of 7.2% in the same period last year.

The combined index of these industries—coal, crude oil, natural gas, petroleum refinery products, fertilisers, steel, cement and electricity—was at 159.2 in May 2013 with a growth rate of 2.3%, according to official data.

“The decline in the growth rate in May was mainly on account of negative growth witnessed in the production of coal, crude oil, natural gas and fertiliser,” the ministry of commerce and industry said in a release.

The contraction in production of coal, crude oil, natural gas and fertiliser in the month under review this year was at 3.3%, 2.4%, 18.7% and 2%, respectively.

The eight core sector industries have a weight of about 38% in the overall industrial production.

Petroleum refinery production showed an expansion of 5%. However, the growth was subdued as compared to 23.4% registered in May 2012.

Steel production grew by 4.1% as against 3.8%, while cement output was up by only 3% against 15.4% in the review period.

Growth in electricity generation stood at 6.2%, as against 5.9% expansion registered in the May 2012.

The growth in eight infrastructure industries was 3.2% in 2012-13 as against 5% in the previous financial year.
Source