Sri Lanka’s industrial activity records growth in June in comparison to previous year
The Census and Statistics Department of Sri Lanka has recorded a 2.2 percent growth in the country’s industrial activity in June 2019 from a year earlier.
The Index of Industrial Production of the Census and Statistics Department has reportedly grown to 107.3 points in June 2019 from 105 points a year earlier.
Industrial activity had also grown 1.2 percent in June from a month earlier, as the country continued to recover from the Easter Sunday bombings, reports state.
An index value over 100 means industrial activity grew compared to the base year of 2015.
Apparel manufacturing, Sri Lanka’s largest export and making up nearly 20 percent of industry, has recorded a 2.8 percent growth to 116.8 points.
Non-metal mineral production, comprising of 7.8 percent of industrial activity, has grown 17.3 percent to 122.9 points.
Production of coke and refined petroleum, which is just as large, has also grown 22.3 percent to 113.4 points.
According to statistics, the fastest growing industry during the month was paper production, recording an increase of 42.7 percent to 112.7 points.
OSL take:
The increase in industrial activity in the month of June in comparison to the previous year, is indicative of the overall growth of the country’s economy. Despite the setback suffered in the aftermath of the Easter Sunday attacks in April, the industrial sector has recorded a growth mostly due to the positive developments in the exports sector. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as the trade concessions enjoyed by the country have helped the growth of the country’s manufacture and exports sectors. Foreign businesses/investors could therefore confidently explore business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/12082019/Z_1 |