Sri Lanka’s Census and Statistics Department notes growth in industrial production activities in July 2018
An index compiled by Sri Lanka’s Census and Statistics Department has reportedly shown that industrial production activities in Sri Lanka has recorded a 1.1 percent growth during July 2018 compared to a year earlier.
According to reports, the Index of Industrial Production has recorded a value of 105.9 in July 2018 from 104.8 a year earlier. A value over 100 shows growth in production compared to the index’s base year of 2015.
Food production which contributes 35.2 percent to manufacturing activities has recorded a 0.1 percent growth in July to 103.6 index points from a year earlier.
Apparel production, which forms 19.8 percent of industrial activity, has reportedly grown 1 percent to 110.5 points from a year earlier.
Manufacture of other non-metallic mineral products, which is 7.8 percent of the manufacturing sector, has grown 0.8 percent in July to 111 points from a year earlier.
According to a local media report, the fourth largest manufacturing activity, coke and refined petroleum production, with a 7.4 percent share, has recorded one of the highest growths of 26.5 percent in July to 105.2 points from a year earlier.
In a similar manner, rubber and plastic product manufacturing, the fifth largest, has grown 8.8 percent in July to 117.4 points from a year earlier.
The biggest gainer during the month was printing and reproduction of recorded media, which has reportedly increased 37.2 percent to 114.1 points from a year earlier.
The increase in industrial production recorded by Sri Lanka’s Census and Statistics Department is an indication of the continuous growth momentum in the country’s industrial sector. The increase in food production and the apparel sector shows an increase in the demand for such commodities. Hence, foreign businesses/investors looking at entering Sri Lanka’s industrial sector could explore possibilities of engaging in these sectors.
|Article Code :||VBS/AT/17092018/Z_6|