POSTED AT 10:20 AM 13-02-2019
Index of Industrial Production up by 1.2%
Image Courtesy: Creative Textile Mill (Pvt) Ltd
The Index of Industrial Production (IIP) has increased by 1.2% in the month of December, 2018 compared to the same month in 2017. Among the manufacturing industries; volume of products of ‘wood and products of wood and cork except furniture’(27.7%), ‘Beverages’ (14.0%) and ‘Manufacture of fabricated metal products’ (10.1%) have shown remarkable increases meanwhile ‘Other Manufactur-ing’ (32.3%) (which includes manufacturing motor vehicles, trailers and semi–trailers, other transport equipment, jewellery), has reported decrease during this period.
The industrial production of the manufacturing sector for the fourth quarter of 2018 has increased by 0.9 % compared to the same quarter in 2017. Among the manufacturing industries; volume of products of ‘Beverages’ (18.4%), has shown a remarkable increase in production during the 4th Quarter of 2018, compared to 4th Quarter of 2017 and products of ‘Manufacture of paper and paper products’ (21.3%), reported a decrease during this period.
IIP is an abstract number, the magnitude of which represents the status of production in the industrial sector for a given period of time. 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 the 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 detailed breakdown of activities.