Feb 14, Colombo: According to the monthly Index of industrial Production (IIP) released by the Census and Statistics Department today, the volume of industrial production in Sri Lanka has increased by 3.6 percent in the month of December, 2016 compared to the monthly average production of 2015.
The Index of Industrial Production (IIP) describes changes of the volume of goods and services produced over time. The IIP is based on year 2015 as 100 production.
Manufacturing Industries showed remarkable increase in productions during month of December, 2016 compared to the average monthly production in 2015. Production of furniture increased by 21.6%, machinery and equipment by 19.4%, basic pharmaceutical product by 14.5% and other nonmetallic mineral product by 14.5%.
The industrial production of the manufacturing sector for the fourth quarter of 2016 has increased by 4.3% compared to average production in 2015.
The volume of food products has increased by 1.6 % in December.
The industries; Tobacco product (11.3%), Wood products (6.3%), Electrical equipment (6.3%) and Coke and refined petroleum products (4.9%), reported decrease in the volume of production in the month of December compared to the average monthly production of their industries in 2015.
The IIP numbers summarize past developments, facilitate forecasting of future trends and assist with evidence based policy decisions. In addition, index numbers facilitate international comparisons, according to the Census and Statistics Department.