The Index of industrial production (IIP) increased by 0.5% in the month of February, 2018 compared to the same month in 2017, Director General, Department of Census and Statistics, Dr. A. J. Satharasinghe said.
IIP reported for the month of February 2018 and 2017 were 103.9 and 103.4 respectively.
The IIP is an index which details out the growth of industrial sector by sub sectors of the industry sector in a given period of time. It reveals the short term changes of volume of production of the industrial sector.
The Department of Census and Statistics compiles number of economic indicators including IIP. The government as well as industries use these indicators to understand the trends and patterns in Sri Lankan economy, identify the drivers of economic growth, evaluate economic performance and for the formulation and assessment of economic policies.
The manufacturing industries; ‘Fabricated Metal Products’, ‘Manufacture of wood and products of wood and cork’ and ‘Leather and related products’ have shown remarkable increases of 30.2%, 20.5% and 16.2% respectively in volume of production of these industries during the month of February, 2018 compared to that of February, 2017. The volume of food products has increased by 3.7%.
However, manufacturing industries: Volume of ‘Manufacture of coke and refined petroleum products’, ‘Other manufacturing’ and ‘Manufacture of paper and paper products’ have reported decreases by 36.5%, 27.7% and 25.2% respectively during this period.
More details on monthly IIP of February, 2018 have been published in the department’s website: www.statistics.gov.lk/Industries