POSTED AT 05:42 PM 13-06-2018
Industrial index slows by 0.7% in April
Image Courtesy: Sunday Times
The Index of Industrial Production (IIP), which measures the volume of industrial production, has decreased slightly by 0.7% in April compared to the same month in 2017, the Census and Statistics Department said yesterday.
The department attributed the change to the reduced number of working days in April 2018 compared to the same month in 2017 as both Vesak and the Sinhala Tamil New Year was celebrated in April.
IIP reported for the month of April 2018 and 2017 were 97.7 and 98.3 respectively.
IIP conveys the status of production in the industrial sector of an economy in a given period of time, in comparison with a fixed reference point in the past. It reveals the short-term changes of the industrial sector.
The Department of Census and Statistics compiles number of economic indicators including IIP. The IIP is a vital measurement of identifying the drivers of economic growth and evaluating economic performance of the country and it is based on volume of production of manufacturing industries.
The manufacturing industries – ‘Manufacture of wood and products of wood’, ‘Manufacture of leather and related products’, and ‘Manufacture of wearing apparels’ – have shown remarkable increases of 27.6%, 11.2% and 6.3% respectively in their volume of production during the month of April 2018 compared to that of April 2017. The volume of food products in April 2018 has increased by 0.5% compared to the same month in previous year.
However, manufacturing industries’ volume of ‘Manufacture of other non-metallic mineral products’, ‘Manufacture of rubber and plastic products’ and ‘Manufacture of furniture’ have reported decreases by 15.1%, 14.0% and 10.7% respectively during this period. The DCS stated that further details on monthly IIP of April 2018 have been published in its website: (www.statistics.gov.lk/Industries).