Sri Lanka’s statistics office records increase in industrial sector production in June 2018 from a year earlier
Sri Lanka’s official statistics office has reportedly stated that the production in the country’s industrial sector has increased by 0.4 percent in June 2018 from a year earlier.
The Index of Industrial Production is reportedly complied by the Census and Statistics Department of Sri Lanka and has recorded a value of 104.8 in June.
According to reports, index points over 100 shows an increase in industrial activity during a time period compared to the index’s base year of 2015.
Food production, which makes up 35.2 percent of the index according to weightage has reportedly increased 0.8 percent to 102.7 points in June from a year earlier.
Reports state that the manufacture of wearing apparels, comprising 19.8 percent of the index has fallen 3.6 percent in June to 113.6 points to 92.7 points from a year earlier.
However, the manufacture of coke and refined petroleum products, which amounts to 7.4 percent of the index, has increased 33.7 percent in June from a year earlier.
Rubber and plastic production, weighing 5.4 percent of the index, has increased 5.6 percent to 116.8 points in June from a year earlier, reports note.
Two biggest gainers during the month were fabricated metal and textile production, the local media reports noted. The statistics have revealed and increase in the sector between 2017 and 2018.
OSL take:
The increase recorded in the industrial sector production is a positive sign of the overall growth recorded by Sri Lanka’s industrial sector. The expansions in the local market due to the ongoing development programme and the many trade agreements along with the trade concessions enjoyed by Sri Lanka would definitely result in the further growth of the industrial production sector. Foreign investors/businesses could explore business opportunities in Sri Lanka’s industrial manufacturing sector.
| Article Code : | VBS/AT/17082018/Z_1 |