The volume of industrial production (IIP) has increased by 4.3% in December, 2017 compared to the same month in 2016, said Director General of Department of Census and Statistics Dr. A.J. Satharasinghe .
Satharasinghe disclosed these facts issuing a communiqué on releasing Index of Industrial Production ( IIP) for December, 2017. The IIP reported for the month of December 2017 and 2016 were 107.7 and 103.3 respectively.
The Department of Census and Statistics compiles number of economic indicators including IIP and the Government as well as industries use this economic data to understand the trends and patterns in Sri Lankan economy, identify the drivers of economic growth, evaluate economic performance and for the formulation and assessment of economic policies.
The IIP conveys the status of production in the industrial sector of an economy in a given period of time, in comparison with a fixed reference point in the past. It reveals the short term changes of the industrial sector. Manufacturing industries of fabricated metal products, manufacture of rubber and plastic products and basic metal products have shown remarkable increases of 25.1%, 10.9% and 9.7% respectively in their volume of production during the month of December, 2017 compared to that of December, 2016. The volume of food products has increased by 8.4%.
However the volume of Manufacture of basic pharmaceutical products, manufacture of furniture, manufacture of electrical equipment and reported decreases by 27.3%, 23.9% and 19.2% respectively during this period.
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