Sri Lanka industrial activity recovers in May
Jul 12, 2019 16:15 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT- Sri Lanka’s industrial activity recovered in May after slumping to a three-year low in April 2019, when traditional holidays were followed by the Easter Sunday bombings, which disrupted economic activity.
The Index of Industrial Production, compiled by the Department of Census and Statistics, rose to 106.1 index points in May, from 96.9 points in April 2019.
The April index was the lowest in a three-year period since the beginning of its compilation in 2016.
The IIP has increased by 0.4 percent in May 2019 when compared to the previous year.
The IIP usually slumps in April when many workers take a minimum of one week off for the traditional Sinhala and Tamil New Year holiday which this year was followed by terror attacks on Easter Sunday.
An index value of over 100 denotes a growth compared to the base year of 2015 while a lower figure denotes a fall compared to 2015.
In May 2019, a statement said, production of electrical equipment, paper and paper products along with chemical and chemical products were the industry groups which recorded a significant increase.
Electric equipment production rose 19.8 percent, which was the highest recorded sector-wisegrowth for the month.
Paper and paper products production rose 17 percent from 73.1 points in April.
The volume of food products has increased by 5.6 percent compared to the month of May 2018.
Other manufacturing products sector which includes manufacturing motor vehicles, trailers and
semi-trailers, other transport equipment and jewelry, fell 36 percent from 60.6 points in April, while chemical and chemical products production grew 16.9 percent.
The largest slumps came from coke and refined petroleum processing which fell 43.7 percent from 90.2 points in April and manufacturing of wood and products of wood which fell 19.1 percent down from an 87.8 benchmark in April. (Colombo, 12 July, 2019)