Core industries show steady expansion in September–October 2024
The government’s core industrial sectors recorded continued growth, with a 3.3% expansion in September and a slightly stronger 3.8% rise in October 2024. These figures point to steady momentum across energy and basic materials that underpin the wider economy.
Which sectors contributed?
The growth came from the eight core industries, including coal, crude oil, natural gas, petroleum refinery products, electricity, fertilizer, and steel. Together, these sectors act as bellwethers for manufacturing, construction and overall industrial activity.
Why this matters
- Lead indicator: Core industry performance is often an early signal of broader industrial trends and can foreshadow changes in GDP growth.
- Energy and inputs: Improvements in electricity, fuel and raw material supplies support factory output and transport services.
- Business confidence: Consecutive monthly gains can encourage investment and inventory rebuilding among manufacturers and infrastructure firms.
What to watch next
Maintaining this momentum will depend on demand from manufacturing and construction, global commodity prices, and seasonal factors. Policymakers and businesses will be watching upcoming monthly releases to see whether the trend strengthens, levels off, or reverses.
In short, the September–October rise offers a cautiously positive signal for industrial activity, suggesting underlying resilience as the economy navigates near-term headwinds and opportunities.