Wednesday Dec 18, 2024
Wednesday Dec 18, 2024
Tuesday, 14 May 2019 00:00 - - {{hitsCtrl.values.hits}}
The industrial production of the manufacturing sector for the first quarter of 2019 has increased by 2.2% compared to the same quarter in 2018, the Census and Statistics Department said yesterday, releasing the latest Index of Industrial Production (IIP).
Among the manufacturing industries; volume of products of ‘Manufacture of Textiles’ (8.5%) has shown a remarkable increase in production during the first quarter of 2019, compared to the same period in 2018 and products of ‘Other Manufacturing’ (31.9%) reported a decrease during this period.
The volume of industrial production has increased by 5.7% in the month of March compared to the same month in 2018. Food production industries including beverages, tobacco products and textiles manufacture showed the highest gains from February to March, according to data released by the department.
Among the manufacturing industries; volume of products of ‘Manufacture of Leather and Related Products’ (18.1%), ‘Manufacture of Electrical Equipment’ (10.5%) and ‘Manufacture of Chemicals and Chemical Products’ (8.0%) have shown remarkable increases meanwhile ‘Other Manufacturing’ (49.1%) (which includes manufacturing motor vehicles, trailers and semi-trailers, other transport equipment, jewellery) has reported decrease during this period.
The IIP is a key indicator of economic performance in most countries. Index numbers summarise past developments, facilitate forecasting of future trends and assist with evidence-based policy decisions.
In addition, index numbers facilitate International comparisons. The IIP also has an important role in the compilation of the Quarterly National Accounts. Analysis of economic changes, IIP has a crucial role because industrial production is one of the more dynamic and fluctuating element in the economy.
