Industrial production index up 3.7% in October

According to the monthly Index of industrial Production (IIP) released by the Census and Statistics Department, the volume of industrial production in Sri Lanka has increased by 3.7% in October 2017 compared to the same month in 2016.

IIP reported for the month of October 2017 and 2016 were 108.6 and 104.7 respectively.

The manufacturing industries; ‘Fabricated Metal Products’, ‘Machinery and equipment’ and ‘Basic metal products’ have shown remarkable increases of 26.2%, 14.2% and 8.7% respectively in their volume of production during the month of October, 2017 compared to that of October, 2016. The volume of food products has increased by 4.5%.

However, manufacturing industries; Volume of ‘Beverages’, ‘Furniture’, and ‘Other manufacturing’ reported decreases by 15.1%, 12.2% and 5.5% respectively during this period.

The IIP describes changes of the volume of goods and services produced over time. It is an important indicator of economic performance and its main purpose is to provide a measure of the short-term changes in the volume of industrial production over a given period of time. The IIP is based on year 2015 as 100 production.