Industrial output up 4.5%

Wednesday, 18 January 2017 00:00 - - {{hitsCtrl.values.hits}}

The Index for Industrial Production (IIP) released yesterday showed the volume of industrial production has increased by 4.5% in November when compared to the monthly average production of 2015, the Census and Statistics Department said. The manufacturing of food products is reported to be the major contributor for the total industrial value added at 35.2% followed by apparels at 19.8% and non-metallic mineral products at 7.8%. Manufacturing industries other than metallic mineral products (20.8%) and furniture (20%) showed remarkable increases in productions during November when compared to the average monthly production in 2015, the statement added.

The volume of food products has increased by 2.3% in November. The industries of coke and refined petroleum products (20.6%), chemical and chemical products (1.4%) and wood products (1.1%) showed a decrease in the volume of production in November compared to the average month’s production of this industry in 2015.

The IIP describes changes of the volume of goods and services produced over time. Its main purpose is to provide a measure of the short-term changes in the volume of industrial production from the manufacturing sector in the country. The IIP provides information to gauge industrial performance and to forecast future economic performance. It can be used to identify the turning points in economic development at an early stage. The major advantage of the production index compared to other indicators is the combination of fast availability and a detailed breakdown of activities.