India: Industrial output contracts unexpectedly in November

In November 2013, industrial production plunged 2.1% over the same month of the previous year, according to the Quick Estimate of the Index of Industrial Production (IIP). The reading, which followed the revised 1.6% decrease observed in October (previously reported: -1.8% year-on-year), took the market by surprise, as analysts had expected an expansion of 1.0%. The print represents the lowest reading since May 2013, which underscores the fragility of the recovery in the industrial sector.

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