Sri Lanka records increase in industrial activity in October 2019
Sri Lanka’s Census and Statistics Department has reportedly noted a 1.1 percent increase in industrial activity in October 2019 from a year earlier on food and apparel production, while wooden products manufacturing had surged ahead of the holiday season.
The Index of Industrial Production has increased to 112.1 points in October from 110.8 points a year earlier. An index value over 100 shows growth compared to the index base year of 2015.
According to reports, the index had also grown in October from September’s 107.3 points.
Food production, which makes up just over a third of Sri Lanka’s industrial activity, had grown 4 percent to 108.5 points in October from a year earlier and apparel, the second largest making up a fifth of the country’s total industrial activity, has grown 4.8 percent to 127.9 index points.
Other major industries; non-metallic mineral product manufacturing, coke and refined petroleum production and rubber and plastic production, had declined in October.
Reports further state that the highest growth industry was wood and wooden products (except furniture), straw and cork manufacturing, which grew 32.5 percent to 103.9, ahead of the Christmas holiday season. Paper products have also increased 28 percent to 96.2 points.
OSL take:
Sri Lanka’s Index of Industrial Production has been on the increase for the past few months. The index is indicative of the overall growth of the country’s economy. Given the fresh impetus given to the country’s economy by the new government of Sri Lanka, industrial production is expected to further increase. The many trade agreements as well as trade concessions enjoyed by the country have also helped boost the industrial production sector. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka’s industrial production sector.
| Article Code : | VBS/AT/17122019/Z_1 |