COLOMBO: 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 1.1 percent in February 2017 compared to the same month in 2016. The Index of Industrial Production (IIP) increased to 103.1 in February from 102.0 in February 2016. Manufacturing Industries showed remarkable increase in productions during month of February compared to the same month in 2016. Volume of products of ‘Other non-metallic mineral products’ increased by 23.1%, ‘Basic Metals’ by 12.8% and ‘Electrical equipment’ by 9.6%. The volume of ‘food product industry’ has increased by 1.5 % in February 2017 compared to February 2016.
During February 2017, production of ‘Wood and products of wood’ decreased by 15%, ‘Coke and refined petroleum products’ by 14.8%, ‘Paper and Paper products’ by 12.8%, and ‘Chemical and Chemical products’ by 11.4%. 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 IIP is based on year 2015 as 100 production.
