Sri Lanka’s Index of Industrial Production records 1.3 percent increase in November 2019
Sri Lanka’s Census and Statistics Department has reportedly stated that the country’s Index of Industrial Production (IIP) for November has recorded an increase of 1.3 percent year-on-year, with 12 out of 20 industry groups showing positive growth.
The IIP index of industrial production has increased by 1.3 percent in November 2019 compared to the same month in 2018 and the IIP reported for November 2019 and 2018 were 108.8 and 107.4 respectively, the statement has issued by the Department has noted.
According to reports, the IIP is an index which details the growth of subsectors of the industry segment in a given period of time and it reveals short-term changes of volume of production of the industrial sector.
The government of Sri Lanka and industries use these indicators to understand the trends and patterns in the Sri Lankan economy, identify the drivers of economic growth, evaluate economic performance and formulate and assess economic policies, local media reports state.
In terms of manufacturing industries, 12 out of 20 industry groups have shown positive growth in volume of production and the industry groups of ‘Manufacture of wood and products of wood’, ‘Manufacture of paper and paper products’ and ‘Manufacture of chemicals and chemical products’ have shown a remarkable increase of 38.6 percent, 29.4 percent, and 25 percent respectively in their volume of production during November 2019 compared to that of November 2018.
Also, the volume of food products has increased by 2.8 percent compared to November 2018.
The increase in Sri Lanka’s Index of Industrial Production is indicative of the overall growth of the country’s economy. Sri Lanka’s economy is on a continuous growth path resulting in the expansion of business/investment opportunities in the country. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region.
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