Sri Lanka records 4.3 percent increase in industrial production in December 2017
Sri Lanka’s Department of Census and Statistics has stated that the country’s industrial production has increased by 4.3 percent in the month of December 2017 when compared with the same month in 2016.
The Index of Industrial Production (IIP) is a key indicator of economic performance in most countries. Index numbers summarize past developments, facilitate forecasting of future trends and assist with evidence based policy decisions.
The Department of Census and Statistics issuing a statement said the manufacturing industries of fabricated metal products, manufacture of rubber and plastic products and basic metal products have shown remarkable increases of 25.1 percent , 10.9 percent and 9.7 percent respectively in their volume of production during the month of December, 2017 compared to that of December, 2016.
The volume of food products has increased by 8.4 percent .
However the volume of manufacture of basic pharmaceutical products, manufacture of furniture, manufacture of electrical equipment and reported decreases by 27.3 percent , 23.9 percent and 19.2 percent respectively during this period.
The industrial production of the manufacturing sector for the fourth quarter of 2017 has increased by 4.1 percent compared to the same quarter in 2016.
The increase in industrial production in Sri Lanka recorded in December 2017 indicates a continuous growth in the sector. The opening up of foreign markets for Sri Lanka aided by free trade agreements along with the availability of skilled labour in the country has helped in the increase in industrial production. This could help promote Sri Lanka as a destination for foreign investors to set up industrial operations for their goods and products.
|Article Code :||VBS/AT/20180220/Z_2|