Feb 14, 2018 (LBO) – Sri Lanka’s industrial production has increased by 4.3 percent in the month of December, 2017 compared to the same month in 2016, latest official data shows.
The Index of Industrial Production (IIP) is a key indicator of economic performance in most countries. Index numbers summarize past developments, facilitate forecasting of future trends and assist with evidence based policy decisions.
The Department of Census and Statistics issuing a statement said the manufacturing industries of fabricated metal products, manufacture of rubber and plastic products and basic metal products have shown remarkable increases of 25.1 percent , 10.9 percent and 9.7 percent respectively in their volume of production during the month of December, 2017 compared to that of December, 2016.
The volume of food products has increased by 8.4 percent .
However the volume of manufacture of basic pharmaceutical products, manufacture of furniture, manufacture of electrical equipment and reported decreases by 27.3 percent , 23.9 percent and 19.2 percent respectively during this period.
The IIP provides information to gauge industrial performance and to forecast the future economic performance. It can be used to identify the turning points in economic development at an early stage.
The industrial production of the manufacturing sector for the fourth quarter of 2017 has increased by 4.1 percent compared to the same quarter in 2016.