Provisional IP Index – October 2015

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The Index of Industrial Production (IIP) increased by 5.9 per cent in October 2015 when compared with the previous month.

According to data produced by the Barbados Statistical Service, the growth in the index was due to increases in manufacturing by 5.8 per cent and the consumption of Electricity, Gas and Water by 6.7 per cent. However, a decrease was recorded for Mining and Quarrying by 1.3 per cent.

The IIP for October 2015 recorded a decrease of 0.8 per cent when compared with the previous year. Declines were recorded for Mining and Quarrying by 6.7 per cent and Manufacturing by 3.1 per cent. Meanwhile, an increase was recorded for the consumption of Electricity, Gas and Water by 3.7 per cent.

Output for the Mining and Quarrying Sector declined by 6.7 per cent at the end of October when compared with the previous year, due to decreases in the index for Mining by 5.1 per cent, and Stone Quarrying by 7.2 per cent.

Production in the Electricity, Gas and Water Sector increased by 3.7 per cent when compared with the previous year, due to increases in the generation of electricity by 4.8 per cent and natural gas by 3.0 per cent. A decline was recorded in the consumption of water by 1.4 per cent.

Year-on-year output for the Manufacturing Sector in October 2015 decreased by 3.1 per cent due to decreases recorded in the indices for Food by 0.2 per cent; Beverages and Tobacco by 6.0 per cent; Wearing Apparel by 59.0 per cent; Non-Metallic Minerals by 11.4 per cent; Electronic Components by 31.0 per cent and Other Manufacturing by 1.4 per cent. Meanwhile, growth was reflected in the indices for Furniture by 2.7 per cent and Chemicals by 4.6 per cent.

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