Sri Lanka industrial activity grows in June

ECONOMYNEXT- Sri Lanka’s industrial activity grew 2.2 percent in June 2019 from a year earlier, with a growth in petroleum refining, the state statistics office said.

 
The Index of Industrial Production of the Census and Statistics Department grew to 107.3 points in June 2019 from 105 points a year earlier.
 
Industrial activity had also grown 1.2 percent in June from a month earlier, as the country continued to recover from the Easter Sunday bombings.
 
An index value over 100 means industrial activity grew compared to the base year of 2015.
 
Food production, which is Sri Lanka’s largest industry comprising of over a third of manufacturing activity, fell by a marginal 0.1 percent in June 2019 to 102.5 points from a year earlier.
 
Apparel manufacturing, the country’s largest export and making up nearly 20 percent of industry, grew 2.8 percent to 116.8 points.
 
Non-metal mineral production, comprising of 7.8 percent of industrial activity, grew 17.3 percent to 122.9 points.
 
Production of coke and refined petroleum, which is just as large, grew 22.3 percent to 113.4 points.
 
Rubber and plastic product making, the fifth largest industry making up 5.7 percent of the total, fell 19.5 percent to 94 points.
 
The fastest growing industry during the month was paper production, rising 42.7 percent to 112.7 points.
 
Fabricated metal production meanwhile fell 24.6 percent to 95.8 points.
 
The second quarter of 2019 saw the activity growing marginally by 0.6 percent to 103.4 points, as the country’s industrial sector recorded the steepest fall in April since the index began in 2016, due to the Easter Sunday bombings. 
 
Apparel and non-metallic mineral production gave the index positive momentum during the quarter, while food production, petroleum refining and rubber and plastic production recorded falls. (Colombo/Aug09/2019)