Sri Lanka’s industrial production rose 7%

Sri Lanka’s Industrial Growth and Economic Trends – October 2024

The Index of Industrial Production (IIP) in Sri Lanka recorded a 7.0% year-on-year increase in October 2024, reaching 95.5. Key contributors to this growth included a significant rise in the production of coke and refined petroleum products (38.6%), wearing apparel (7.8%), and beverages (27.6%), according to the Central Bank’s Weekly Economic Indicators report.

During the week of December 9-13, crude oil prices fluctuated due to geopolitical tensions in the Middle East, increased demand expectations from China, and new EU sanctions on Russia. While Brent and WTI crude prices initially surged by $1.91 and $2.42 per barrel, respectively, they later declined slightly due to an International Energy Agency forecast predicting ample supply.

Other key economic indicators showed mixed trends. The Weekly Average Weighted Prime Lending Rate (AWPR) decreased by 27 basis points to 8.82%, while the Average Weighted Call Money Rate (AWCMR) settled at 8.00% on December 13. The Sri Lankan rupee appreciated by 11.6% against the US dollar in 2024, while T-Bill and T-Bond auctions were oversubscribed at 2.3 and 2.4 times, respectively. However, secondary market transactions in government securities saw a 17.6% decline.

Source: iSriLanka.lk