June 13, 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 1.8 percent in April 2017 compared to the same month in 2016.
Among the manufacturing industries; Volume of products of 'Furniture' (27.8%), 'Other non-metallic mineral products' (10.4%) and 'Fabricated Metal Product' (10.2%) have shown remarkable increases during the month of April, 2017 compared to that of April, 2016 while the volume of food products has increased by 0.1 %.
The manufacturing industries; Volume of 'Wood and products of wood' (22.3%) and 'Chemical and Chemical products' (9.8%) and 'Tobacco product' (8.6%) reported decreases during this period.
However, the Index of Industrial Production (IIP) declined to 98.7 in April from 109.5 in March 2017.
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.