(UTV|COLOMBO) – The Index of industrial production (IIP) has increased by 1.1% in July 2018 compared to the same month in 2017. The IIP reported for the month of July 2018 and 2017 were 105.9 and 104.8 respectively.In terms of manufacturing industries 10 out of 20 industry groups have shown positive growths in volume of production. The industry groups: ‘Printing and reproduction of recorded media, manufacture of coke and refined petroleum products and manufacture of textiles have shown a remarkable increases of 37.2%, 26.5% and 13.7% respectively in their volume of production duringthe month of July, 2018 compared to that of July 2017. The volumesof basic metal products and food products have increased by 12.5% and 0.1% respectively.
Among the 10 industries recorded negative growths in volume of production of manufacturing industries were manufacture of electrical equipment, manufacture of paper and paper products, manufacture furniture have reported negative growth rates of 26.9%, 24.4% and 19.1% respectively.
The IIP is an index which details out the growth of sub sectors of the industry sector in a given period of time. It reveals short term changes of volume of production of the industrial sector. The Department of Census and Statistics compiles number of economic indicators including IIP. Government as well as industries use these indicators 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.
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