Sri Lanka’s Census and Statistics Department records recovery in industrial activity in May 2019
The Census and Statistics Department of Sri Lanka has noted that the country’s industrial activity has recovered in the month of May after falling to a three-year low the previous month of April 2019.
The Index of Industrial Production (IIP), which is compiled by the Census and Statistics Department, has recorded an increase to 106.1 index points in May, from 96.9 points in April 2019.
The April index was the lowest in a three-year period since the beginning of its compilation in 2016, the local media has highlighted.
According to reports, the IIP has increased by 0.4 percent in May 2019 when compared to the previous year.
The IIP usually slumps in April when many workers take a minimum of one week off for the traditional Sinhala and Tamil New Year holiday which this year was followed by terror attacks on Easter Sunday, the local media has further noted.
An index value of over 100 denotes a growth compared to the base year of 2015 while a lower figure denotes a fall compared to 2015.
Production of electrical equipment, paper and paper products along with chemical and chemical products were the industry groups which recorded a significant increase in May 2019, according to a statement issued by the Census and Statistics Department.
Electric equipment production rose 19.8 percent, which was the highest recorded sector-wise growth for the month, the statement has further noted.
Paper and paper products production has increased 17 percent from 73.1 points in April and the volume of food products has increased by 5.6 percent compared to the month of May 2018, the statement has added.
OSL take:
The statement by Sri Lanka’s Census and Statistics Department of the recovery in industrial activity in the month of May when compared with the previous month is indicative of the overall developments in the country’s economic activities. Following the negative impact felt by the country in the aftermath of the Easter Sunday attacks, Sri Lankan authorities left no stone unturned to ensure that the economy bounces back to normalcy as soon as possible. Official statistics now reveal that the country’s economy is returning to normalcy with key economic sectors like tourism, manufacture and exports recording impressive growth rates. Therefore, foreign businesses/investors could confidently explore business/investment opportunities in Sri Lanka, especially in the country’s ongoing development programme.
| Article Code : | VBS/AT/17072019/Z_1 |