Provisional IP Index For May 2017

(Stock Photo)

The Index of Industrial Production (IIP) increased by 7.7 per cent in May 2017 when compared with the previous month.

According to data produced by the Barbados Statistical Service, the rise in the index was due to the increase in Electricity, Gas and Water of 5.4 per cent; Manufacturing of 8.4 per cent and Mining and Quarrying of 21.1 per cent.

The IIP for May 2017 increased by 0.7 per cent when compared to May 2016. There were increases in the index of Mining and Quarrying of 8.7 per cent and Electricity, Gas and Water of 2.2 per cent.  Meanwhile, there was a decrease in the index for Manufacturing, which recorded 0.7 per cent.

The increased output of 8.7 percent for the Mining and Quarrying Sector at the end of May 2017 occurred as a result of an increase in the index for Stone and Quarrying of 3.8 per cent and Mining of 26.3 per cent.

Performance of the Manufacturing Sector increased by 8.4 per cent in May 2017 when compared to April 2017. Year-on-year output for May 2017 decreased by 0.7 per cent due to a decrease in the indices for Beverages and Tobacco of 11.7 per cent; Wearing Apparel of 6.4 per cent; Wooden Furniture of 21.6 per cent; Chemicals of 3.4 per cent and Other Manufacturing of 6.5 per cent. 

Meanwhile, increases were recorded for Food: 13.2 per cent; Non-Metallic Minerals: 3.8 per cent and Electronic Components: 20.5 per cent.

The Electricity, Gas and Water Sector increased by 2.2 per cent when compared with the previous year. This was due to an increase in consumption of 2.0 percent consumption for Water; of 2.2 per cent for Electricity and an increase in the generation of Natural Gas of 4.6 per cent.

Summary of Index Changes

 Economic Affairs Division