According to provisional data comparing change from November 2016 to November 2017, manufacture of coal and refined petroleum products rose by a sharp 26.5%, manufacture of basic pharmaceutical products and pharmaceutical preparations by 17%, manufacture of machinery & equipment by 15.2% and manufacture of textiles by 12%. The IIP is an abstract number representing the magnitude and the status of production in the industrial sector for a given period of time.

The IIP describes changes of the volume of goods and services produced over time. Its main purpose is to provide a measure of the short-term changes in the volume of industrial production from the manufacturing sector in the country.

“Since January 2017 the index will carry point to point changes, that is, 2017 November production is compared with the 2016 November production for measuring the changes in industrial production volume,” the DCS said.

The major advantage of the production index compared to other indicators is the combination of fast availability and detailed breakdown of activities.

“Monthly IIP is compiled on provisional basis and the index is revised annually. From the month of January, 2017 monthly IIP is released with a time lag of 42 days,” the Department said.