Sri Lanka’s Census and Statistics Department records an increase in industrial activity in May 2018
The Census and Statistics Department of Sri Lanka has stated that industrial activity in the country has recorded an increase in May 2018 compared to a year ago.
Records have stated that there has been a higher production in the main food and apparel industries.
The Index of Industrial Production has reportedly increased to a 105.7 index value in May, from 103.7 a year ago.
According to reports, a value over 100 shows an increase compared to the start of the index in 2015.
Food manufacturing, which is the largest industry, has reportedly grown by 2.9 percent to 103.1, with a recovery in agriculture following prolonged droughts last year.
According to statistics, the second largest industry, which is apparel manufacturing, has reportedly increased by 3.5 percent from a year ago to 114.1 in the index this May.
According to reports, compared to last May, Sri Lanka is now enjoying the EU trade concession GSP+ benefits, which have increased apparel exports.
These two industries together account for around half of the activity measured in the index, reports state.
The 105.7 index value in May reportedly indicates that industrial activity had bounced back from April, when the index was recorded at 97.7.
OSL take:
The increase in industrial activity in May 2018 recorded by Sri Lanka’s Census and Statistics Department was mainly due to the re-allocation of EU’s GSP+ trade concessions as well as the US GSP facility to the country. Apparel manufacturing and food manufacturing are on the increase and foreign investors could look at investing in the country’s manufacturing sector.
| Article Code : | VBS/AT/20180720/Z_6 |