Industrial production up 3.6% in December

The country’s industrial production in December has increased by 3.6% in December 2016 compared to the monthly average production of 2015.

The Census and Statistics Department said the Index of Industrial Production (IIP) describes changes of the volume of goods and services produced over time. The IIP is based on 2015 as 100 production.

Manufacturing Industries showed remarkable increase in productions during December 2016 compared to the average monthly production in 2015. Production of furniture increased by 21.6%, machinery and equipment by 19.4%, basic pharmaceutical products by 14.5% and other non-metallic mineral products by 14.5%.

The industrial production of the manufacturing sector for the fourth quarter of 2016 has increased by 4.3% compared to average production in 2015.

The volume of food products has increased by 1.6 % in December.

The industries of tobacco products (11.3%), wood products (6.3%), electrical equipment (6.3%) and coke and refined petroleum products (4.9%) reported a decrease in the volume of production in December compared to the average monthly production of their industries in 2015.

The IIP numbers summarise past developments, facilitate the forecasting of future trends and assist with evidence-based policy decisions. In addition, index numbers facilitate international comparisons, according to the department.