- Growth driven by petroleum, metal and textile products
- Manufacturing sector growth 0.6% in second quarter
The Index of Industrial Production (IIP) increased by 0.4% in June compared to the same period last year, driven by expansion in petroleum, metal and textiles production, the Census and Statistics Department said yesterday.
The Department of Census and Statistics compiles a number of economic indicators including IIP. IIP is a vital measurement of identifying the drivers of economic growth and evaluating the economic performance of a country and it is based on the volume of production of manufacturing industries. The manufacturing industries - the ‘Manufacture of coke and refined petroleum products’, ‘Manufacture of fabricated metal products’ and ‘Manufacture of textiles’ - have shown remarkable increases of 33.7%, 19.1% and 15.6% respectively in the volume of production of these industries during June 2018 compared to that of June 2017.
The volume of food products has increased by 0.8%.
However, manufacturing industries - volume of ‘Manufacture of paper and paper products’, ‘Manufacture of electrical equipment’ and ‘Manufacture of basic pharmaceutical products and pharmaceutical preparations’ - have reported decreases of 27.4%, 24.0% and 18.1% respectively during this period.
The industrial production of the manufacturing sector for the second quarter of 2018 has increased by 0.6% compared to the same quarter in 2017.