Provisional IIP For January 2017

(Stock Photo)

The Index of Industrial Production (IIP) decreased by 10.7 per cent in January 2017 when compared to the previous month.

According to data produced by the Barbados Statistical Service, the decrease in the index was due to the decline in Manufacturing of 16.2 per cent and Electricity, Gas and Water of 2.7 per cent. Meanwhile, there was an increase in Mining and Quarrying of 2.0 per cent.

The IIP for January 2017 recorded an increase of 9.8 per cent when compared to the previous year, with an increase in the index of Manufacturing of 15.8 per cent and Electricity, Gas and Water of 3.4 per cent.  The index for Mining and Quarrying, however, recorded a decrease of 3.8 per cent.

The output for the Mining and Quarrying Sector decreased by 3.8 per cent at the end of January 2017, when compared to the previous year. This was as a result of a decrease in the index for Mining of 21.8 per cent. Meanwhile, there was an increase in the index for Stone and Quarrying of 4.4 per cent.

Performance of the Manufacturing Sector declined by 16.2 per cent in January 2017 when compared to December 2016. Year-on-year output for January 2017 increased by 15.8 per cent, due to a rise in the indices for Food of 4.1 per cent; Beverages and Tobacco of 45.8 per cent; Wearing and Apparel of 4.4 per cent; Wooden Furniture of 13.2 per cent; Non-Metallic Minerals of 64.5 per cent; and Other Manufacturing of 12.6 per cent.  On the other hand, there was a decrease in the index for Chemicals of 17.7 per cent and Electronic Components of 1.0 per cent.

The Electricity, Gas and Water Sector increased by 3.4 per cent when compared with the previous year. This was due to increases in the generation of Electricity of 3.2 per cent; Water of 4.0 per cent; and Natural Gas of 11.9 per cent.

SUMMARY OF INDEX CHANGES

 Division of Economic Affairs