Manufacturing GVA lags behind despite positive economic indicators

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Manufacturing GVA lags behind despite positive economic indicators

Manufacturing GVA lags behind despite positive economic indicators

Industry News
Sep 01,23

In the first quarter of the preceding fiscal year, it remained stagnant at 17.2 per cent.

Manufacturing GVA lags behind despite positive economic indicators

Despite the upward trend in the Purchasing Managers Index (PMI) and the positive expansion of the Index of Industrial Production (IIP), the Manufacturing Gross Value Added (GVA) has failed to exhibit substantial growth. In the first quarter of the preceding fiscal year, it remained stagnant at 17.2 per cent.

While the manufacturing sector struggled to achieve substantial GVA growth, other sectors such as public administration, financial services, and electricity, gas, water supply, and related utility services demonstrated remarkable GVA expansion. According to government data, these sectors recorded growth rates of 13.66, 12.12, and 12.82 per cent respectively.