Manufacturing slows industrial growth to 11.1%
The country’s industrial output grew by 11.1% in May 2007 compared to the same month in the previous year, a drop from 12.4% in April ‘07 as growth in the manufacturing sector declined to 11.9% from 15.1% in the previous month. The slowdown in the manufacturing sector was on account of the decline in growth rate in the consumer goods category, as high interest rates continue to impact consumer demand. Production of consumer goods grew by 9.8% in May compared to 17.7% in April. Growth in the consumer durables sector, which includes white goods and automobiles, decreased from 5.3% in April to 2.6% in May. EFM: