Sri Lanka records growth in industrial activity in December 2018
The Department of Census and Statistics of Sri Lanka has reportedly recorded that the country’s industrial activity has grown by 1.6 percent in December 2018 when compared to November 2018.
The Department has noted higher food production during the holiday season.
The Index of Industrial Production, compiled by the Department of Census and Statistics, had grown to 109 points in December from 107.3 points in November.
According to reports, a value over 100 means industrial activity grew compared to the base year of 2015.
The Index had been 107.7 points in December 2017.
In December 2018, food production has seen a 7.1 percent increase from a month earlier to 109.7 points, driving the index up.
Food accounts for around 35.1 percent of industrial activity.
Apparel manufacturing, worth 19.8 percent of industrial production and Sri Lanka’s leading merchandise export, has declined 1.1 percent to 117.9 points in December compared to November.
Nevertheless, Sri Lanka’s Joint Apparel Association Forum has noted that apparel exports in December have grown 4.7 percent to US$ 468 million compared to a month earlier.
For the final quarter of 2018, the industrial sector made a marginal gain of 0.9 percent, growing to 109.1 points from a year earlier.
Apparel production has grown 4.7 percent to 119.7 points, while exports recorded a 4.2 percent growth to US$ 1.3 billion.
Other non-metalic mineral product manufacturing has grown 2.3 percent to 112.6 points in the final quarter of 2018 compared to a year earlier.
Manufacturing of coke and refined petroleum products has also grown 5.9 percent to 109.9 points in the index.
OSL take:
The increase in industrial activity recorded in December 2018 as well as the overall increase in the last December quarter is indicative of the overall growth in Sri Lanka’s economy. The country’s development agenda and the growth recorded by most of the key economic sectors have helped the upward trend of industrial activities. The many trade agreements as well as trade concessions enjoyed by Sri Lanka has made the country an ideal business hub for foreign businesses to engage in business activities.
| Article Code : | VBS/AT/15022019/Z_3 |