The country’s industrial growth slowed down to a two-year low in September as a sluggish manufacturing sector, hit by rising interest rates and a decline in mining output, hurt expansion. Data released by the Central Statistics Office (CSO) showed industrial growth had slowed to 1.9% in September compared to 6.1% in the same year-ago month. The statistics office also revised downwards the August number to 3.6% from the previously reported 4.1%. Industrial growth in the April-September period stood at 5%, lower than the 8.2% recorded in the same period a year ago. The mining sector fell 5.6% in September compared to a 4.3% growth in September 2010, while the key manufacturing sector slowed to a two-year low of 2.1% from 6.9% in the same year-ago month. In August, the sector had expanded 4.1%. The capital goods sector, which is a barometer of industrial activity, fell 6.8% in September compared to the 7.2% growth in the month in 2010. The sector has remained volatile, prompting experts to question the data. Consumer non-durables declined 1.3% in September compared to a 5.8% growth in the same year-ago month. Experts said the moderation in growth was expected to continue in the months ahead due to global economic uncertainty and weak sentiment.
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