(Stock Photo)
The Index of Industrial Production (IIP) decreased by 11.8 per cent in January 2018 when compared with the previous month.
According to the Barbados Statistical Service, this was due to decreases in the indices for Mining and Quarrying of 13.2 per cent; Manufacturing of 17.0 per cent and Electricity, Gas and Water of 2.8 per cent.
The IIP for January 2018 decreased by 4.3 per cent when compared to January 2017. There were also decreases in the indices for Mining and Quarrying of 16.0 per cent; Manufacturing of 4.9 per cent and Electricity, Gas and Water of 2.4 per cent.
The output for the Mining and Quarrying Sector decreased by 16.0 per cent at the end of January 2018 when compared to the previous year. This was as a result of a decline in the indices for Mining of 22.8 per cent and Stone and Quarrying of 13.6 per cent.
The performance of the Manufacturing Sector decreased by 17.0 per cent in January 2018 when compared to December 2017. Year-on-year output for January 2018 decreased by 4.9 per cent due to decreases in the indices for Food of 15.6 per cent; Beverages and Tobacco of 17.5 per cent; Wearing Apparel of 0.3 per cent; Electronic Components of 19.0 per cent and Other Manufacturing of 7.9 per cent. Increases were recorded for Wooden Furniture, up by 3.9 per cent; Chemicals, 27.6 per cent and Non Metallic Mineral Products, 30.6 per cent.
The Electricity, Gas and Water sector decreased by 2.4 per cent when compared with the previous year. This was due to decreases in the consumption of Electricity of 1.3 per cent; the generation of Natural Gas of 49.1 per cent and the consumption of Water of 6.2 per cent.
Summary of Index Changes
| Sector | Jan. 18 | Dec. 17 | % change over Dec. 17 | Jan. 17 | % change over
Dec. 17 |
|
All Industries
|
67.7 | 76.7 | -11.8 |
70.7
|
-4.3 |
|
Mining & Quarrying
|
71.5 | 82.4 |
-13.2
|
85.1
|
-16.0 |
|
Manufacturing
|
48.7 | 58.7 | -17.0 |
51.2
|
-4.9 |
|
Electricity, Gas & Water
|
152.5 |
156.9
|
-2.8
|
156.3 | -2.4 |