Issuing a communique on releasing Index of Industrial Production (IIP) IIP for the month of May, 2018 Director General of DCS, Dr. A.J. Satharasinghe stated that the IIP; the volume of industrial production has increased by 2.0% in the month of May, 2018 compared to the same month in 2017. IIP reported for the month of May 2018 and 2017 were 105.7 and 103.7 respectively.
The Department of Census and Statistics compiles number of economic indicators including IIP. The index, IIP is a vital measurement of identifying the drivers of economic growth and evaluating economic performance of the country and it is based on volume of production of manufacturing industries.
The manufacturing industries; ‘Manufacture of chemicals and chemical products’, ‘Manufacture of fabricated metal products’, and ‘Manufacture of coke and refined petroleum products’ have shown remarkable increases of 20.9%, 19.5% and 13.5% respectively in their volume of production during the month of May, 2018 compared to that of May, 2017. The volume of food products in May, 2018 has increased by 2.9% compared to the same month in previous year.
However, manufacturing industries: Volume of ‘Manufacture of electrical equipment’, ‘Manufacture of machinery and equipment’ and ‘Manufacture of paper and paper products’ have reported decreases by 24.6%, 13.9% and 12.8% respectively during this period. The DCS stated that further details on monthly IIP of May, 2018 have been published in its website: (www.statistics.gov.lk).
Source : news.lk