July 14, Colombo: According to the monthly Index of industrial Production (IIP) released by the Census and Statistics Department, the volume of industrial production in Sri Lanka has increased by 2.3 percent in May 2017 compared to the same month in 2016.
Among the manufacturing industries, volume of products of Fabricated Metal Product increased by 21.6, furniture 15.4% and Basic metal products 14.0% during the month of May, 2017 compared to that of May, 2016 while the volume of food products has increased marginally by 0.1 %.
The manufacturing industries; Volume of Chemical and Chemical products, Tobacco product and Beverages reported decreases by 21.0%, 6.1% and 5.7% respectively during this period.
The IIP describes changes of the volume of goods and services produced over time. It is an important indicator of economic performance and its main purpose is to provide a measure of the short-term changes in the volume of industrial production over a given period of time. The IIP is based on year 2015 as 100 production.