Industrial production sees 1.2% growth in August 2024, Poverty Line slightly declines
By: Isuru Parakrama
October 15, Colombo (LNW): The Department of Census and Statistics has reported a 1.2 per cent increase in Sri Lanka’s industrial production for August 2024 compared to the same period in 2023.
The department’s latest Index of Industrial Production (IIP) report revealed a modest month-on-month growth of 0.1 per cent from July to August.
According to the report, the overall manufacturing sector index rose to 91.3 per cent in August 2024, up from 90.2 per cent the previous year.
Significant contributions to this increase came from industries such as textiles, wearing apparel, food products, and paper manufacturing.
These sectors played a crucial role in driving industrial growth, demonstrating resilience amid challenging economic conditions.
However, not all sectors experienced growth. The report highlighted a decline in the production of beverages and tobacco products in August 2024, compared to the same period the previous year.
This reduction may signal shifting consumer trends or the impact of policy measures targeting these industries.
In addition to industrial production figures, the report also touched upon the Official Poverty Line at the national level. For August 2024, the poverty line showed a slight reduction, dipping to Rs. 16,152 from Rs. 16,373 in July.
The decline is attributed to a lower National Consumer Price Index (NCPI) for the month, reflecting a slight easing of inflationary pressures.
Moreover, the slight improvement in the poverty line suggests progress but highlights the ongoing need for efforts to alleviate economic hardship for vulnerable populations.
