Jan 18, 2017 (LBO) - Sri Lanka's Index for Industrial Production (IIP) shows volume of industrial production rose 4.5 percent in November 2016 when compared with the same period last year, a statement said. According to the island's Census and Statistics Department, manufacturing of food products is the major contributor at a total industrial value added at 35.2 percent. This was followed by apparels at 19.8 percent and non-metallic mineral products at 7.8 percent. Manufacturing industries other than metallic mineral products also showed gains of 20.8 percent and furniture 20 percent when compared to monthly production in 2015. The volume of food products has increased by 2.
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3 percent in November while the industries of coke and refined petroleum products was 20.6 percent, chemical and chemical products 1.4 percent.
The wood products showed a decrease in the volume of production in November by 1.1 percent, the statement added.
The Index of Industrial Production (IIP) describes changes of the volume of goods and services produced over time and 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 the future economic performance. It can be used to identify the turning points in economic development at an early stage.