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The Ministry of Commerce and Industry released data on Thursday showing that the index of eight essential industries rose at a rate of 6.7% in February 2024 compared to 4.1% in January 2024. The growth rate was 7.4% in February 2023, but by the end of the year, in December 2023, it had dropped to 4.9%.
The main sectors driving this expansion are natural gas, coal, steel, cement, crude oil, power, and products from refineries. These eight major industries account for 40.27% of the nation's Index of Industrial Production.
When comparing February 2024 to the same month of the previous year, coal production increased by 11.6%, while cement production increased by 10.2%.
Crude oil production grew by 7.9%, and electricity generation increased by 6.3%. Natural gas production also increased significantly by 11.3% in February 2024, while petroleum refinery production increased by 2.6%. Meanwhile, fertiliser production declined by 9.5% in February 2024 compared to the same period last year. Steel production also witnessed a notable growth of 8.4% in February 2024 compared to February 2023.
The ministry added that the data for December 2023, January 2024, and February 2024 were provisional and subject to revision. The release of the index for March 2024 is scheduled for Tuesday, April 30, 2024. Additionally, the final growth rate of the Index of eight core industries for November 2023 was revised to 7.9%.
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