Nov 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 6.0 percent in September 2017 compared to the same month in 2016.
IIP reported for the month of September 2017 and 2016 were 107.7 and 101.6 respectively.
Among the manufacturing industries, volume of products of 'Fabricated Metal Products' increased by 26.1%, 'Basic metal products' 19.7%, and 'Printing and reproduction of recorded media' by 16.4% during the month of September, 2017 compared to that of September, 2016. The volume of food products has increased by 7.3%.
However, Volume of 'Furniture', 'Beverages' and 'Other manufacturing' reported decreases by 14.9%, 13.9% and 12.7% respectively during this period.
The industrial production of the manufacturing sector for the third quarter of 2017 has increased by 3.9% compared to the same quarter in 2016.
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.