Industrial production volume up 4.8% in August

Friday, 13 October 2017 00:00 - - {{hitsCtrl.values.hits}}

The volume of industrial production in August has increased by 4.8% in comparison to a year earlier according to the Index of Industrial Production compiled by the Department of Census and Statistics.

Department of Census and Statistics Director General Dr. A.J. Satharasinghe said the manufacturing industries – Fabricated Metal Products (35.5%), Basic metal products (18.9%) and Coke and refined petroleum products (10.4%) – have shown remarkable increases in their volume of production during the month of August, 2017 compared to that of August, 2016. The volume of food products has increased by 5.1%.

However, manufacturing industries; Volume of Beverages, Furniture and Chemicals and Chemical products reported decreases by 16.4%, 6.9% and 2.5% respectively during this period.

The department collects, compiles and disseminates data on the economy of the country as well. The Government as well as industries use this economic data to understand the trends in the Sri Lankan economy, identify the drivers of economic growth, and evaluate economic performance and for the formulation and assessment of economic policies.

The Index of Industrial Production 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.