Sri Lanka industrial activity picks up in May

ECONOMYNEXT- Industrial activity in Sri Lanka picked up in May 2018 compared to a year ago, with higher production in the main food and apparel industries, Census and Statistics Department data showed.

The Index of Industrial Production increased to a 105.7 index value in May, from 103.7 a year ago. A value over 100 shows an increase compared to the start of the index in 2015.

Food manufacturing, the largest industry, grew by 2.9 percent to 103.1, with a recovery in agriculture following prolonged droughts last year.

The second largest industry, apparel manufacturing, grew by 3.5 percent from a year ago to 114.1 in the index this May. Compared to last May, Sri Lanka is now enjoying the duty free GSP+ benefits with the European Union which has increased apparel exports.

These two industries together account for around half of the activity measured in the index.

The 105.7 index value in May also meant that industrial activity bounced back from April, when the index was recorded at 97.7. (COLOMBO, July 17, 2018)

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