Sri Lanka Standard Industrial Classification Localized version of ISIC-Rev.4 (First Edition)

 

The Sri Lanka Standard Industrial Classification (Lanka SIC) is a localized version of the International Standard Industrial Classification of All Economic Activities (ISIC) Rev. 4. It's used for classifying economic activities in Sri Lanka, and it's a commonly used method for data collection and analysis. The first edition of Lanka SIC is based on ISIC Rev. 4. 

Here's a more detailed breakdown:

Based on ISIC Rev. 4:

The Lanka SIC directly uses the structure and framework of ISIC Rev. 4, making it compatible with international standards. 

Localized Adaptations:

While based on ISIC, the Lanka SIC may include specific adjustments or additions to better suit the economic context of Sri Lanka. 

National Use:

The Lanka SIC is used by various agencies in Sri Lanka, including the Department of Census and Statistics and the Central Bank of Sri Lanka, for statistical purposes. 

Purpose:

It helps categorize businesses and industries, making it easier to collect, analyze, and compare statistical data related to economic activities. 

Impact:

The Lanka SIC is crucial for understanding the structure of Sri Lanka's economy and for international comparisons. 

Key Features of ISIC Rev. 4 (and Lanka SIC):

Hierarchical Structure:

ISIC Rev. 4 uses a hierarchical structure with sections, divisions, groups, and classes to classify economic activities. 

International Compatibility:

It's designed to be internationally comparable, allowing for easier comparisons of economic data across countries. 

Focus on Production Process:

ISIC Rev. 4 places more emphasis on the production process when defining and delineating classes. 

Continuous Development:

ISIC is a living standard, with revisions and updates to reflect changes in economic activities.