Industrial Production Index Oct. 2016

(Stock Photo)

The Index of Industrial Production (IIP) increased by 3.5 per cent in October 2016 when compared with the previous month.

Based on data produced by the Barbados Statistical Service, the increase in the index was due to an increase in Mining and Quarrying of 3.3 per cent, and Manufacturing of 8.8 per cent. Meanwhile, there was a decrease in Electricity, Gas and Water of 4.6 per cent.

The IIP for October 2016 recorded a decrease of 2.5 per cent when compared with the previous year. Declines were recorded for Mining and Quarrying of 8.9 per cent; Manufacturing of 1.8 per cent; and Electricity, Gas and Water of 3.1 per cent.

The output for the Mining and Quarrying sector increased by 3.3 per cent at the end of October 2016 when compared with the previous month. This was due to an increase in the index for Mining of 29.6 per cent. However, there was a decline recorded for Stone and Quarrying of 3.4 per cent.

Production in the Electricity, Gas and Water sector decreased by 3.1 per cent when compared with the previous year due to a decline in the generation of electricity of 4.3 per cent. However, there was an increase in Natural Gas of 6.3 per cent and Water of 2.5 per cent.

Production in the Manufacturing sector increased by 8.8 per cent in October 2016 when compared to September 2016. Year-on-year output for October 2016 decreased by 1.8 per cent due to decreases recorded in the indices for Food by 3.9 per cent; Beverages and Tobacco of 10.2 per cent; and Chemicals of nine per cent.

Meanwhile, there were increases in Wearing Apparel of 10.6 per cent; Wooden Furniture of 0.6 per cent; Non-Metallic Minerals of 11.1 per cent; Electronic Components of 14.7 per cent; and Other Manufacturing of 1.1 per cent. 

SUMMARY OF INDEX CHANGES

Economic Affairs Division