Provisional IIP For February 2017

(Stock Photo)

The Index of Industrial Production (IIP) decreased by 0.7 per cent in February 2017, when compared to the previous month.

This is according to data produced by the Barbados Statistical Service, which showed that the decrease in the index was due to a decline in Electricity, Gas and Water of 10.4 per cent. Meanwhile, there were increases in Manufacturing of 5.6 per cent and Mining and Quarrying of 5.9 per cent.

The IIP for February 2017 recorded a decrease of 5.8 per cent, when compared with the previous year, due to a decrease in the index of Mining and Quarrying of 8.4 per cent; Manufacturing of 8.0 per cent and Electricity, Gas and Water of 1.4 per cent. 

The output for the Mining and Quarrying Sector decreased by 8.4 per cent at the end of that month, when compared to the previous year. This was as a result of a decrease in the index for Mining of 22.2 per cent and Stone and Quarrying of 3.9 per cent.

Performance of the Manufacturing Sector grew by 5.6 per cent in February 2017, when compared to January 2017. Year-on-year output for February 2017 decreased by 8.0 per cent due to a decrease in the indices for Food of 1.3 per cent; Beverages and Tobacco of 6.4 per cent; Wearing and Apparel of 65.9 per cent; Chemicals of 9.3 per cent; Non-Metallic Minerals of 5.1 per cent; Electronic Components of 22.8 per cent and Other Manufacturing of 17.1 per cent. On the other hand, there was an increase in the index for Wooden Furniture of 2.9 per cent.

The Electricity, Gas and Water Sector decreased by 1.4 per cent when compared to the previous year. This was due to a decrease in the generation of Water of 9.7 per cent. However, there was an increase in Electricity of 0.7 per cent and Natural Gas of 7.8 per cent.

 SUMMARY OF INDEX CHANGES

Division of Economic Affairs