Industrial production index up 2.3% in May

According to the monthly Index of industrial Production (IIP) released by the Census and Statistics Department, the volume of industrial production in Sri Lanka has increased by 2.3% in May 2017 compared to the same month in 2016.

Among the manufacturing industries, the volume of products of fabricated metal product increased by 21.6%, furniture by 15.4% and basic metal products 14.0% during the month of May 2017, compared to that of May 2016, while the volume of food products has increased marginally by 0.1 %.

In the manufacturing industries, the volume of chemical and chemical products, tobacco product and beverages reported decreases by 21.0%, 6.1% and 5.7% respectively during this period.

The IIP describes changes of the volume of goods and services produced over time. It is an important indicator of economic performance and its main purpose is to provide a measure of the short-term changes in the volume of industrial production over a given period of time. The base year taken for the assessment is 2015.