COLOMBO: The Index of Industrial Production (IIP), a key indicator to gauge industrial performance and to forecast the future economic performance, for the third quarter of this year rose 3.0 percent compared to the production in same period in 2015.
According to the data released by the Census and Statistics Department, the volume of industrial production has increased by 3.8 percent in July 2016 and for the months of August and September the index show increase in production by 3.5 percent and 1.6 percent respectively with compared to the average monthly production in 2015.
The IIP describes changes of the volume of goods and services produced over time. The IIP is based on year 2015 as 100 production.
Index numbers summarize past developments, facilitate forecasting of future trends and assist with evidence based policy decisions. In addition, index numbers facilitate international comparisons, according to the Census and Statistics Department.
