27.12.11

Core grows 6.8% in November



The infrastructure sector has provided a rare sonorous note in a cacophony of mostly grim recent official data releases, expanding by a higher-than-expected 6.8% in November and boosting hopes that industrial production may bounce back from the sharp contraction in October. The combined output rise of eight core industries — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity — was the highest in four months, and also sharply higher than the annual growth of 3.7% in November last year, data released on Monday showed. Industrial production growth in October fell 5.1%, the lowest in 31 months, and triggered a raft of GDP downgrades, with some forecasters going as far as lowering their growth estimates for fiscal year 2011-12 to less than 7%.

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