Sri Lanka’s Central Bank in the latest Purchasing Managers Index notes increase in manufacturing activities in June
The Central Bank of Sri Lanka in its latest Purchasing Managers Index (PMI) has noted that manufacturing activities in the country had increased in June.
The data has shown that although the pace slowed than May, the services sector had picked up with employment up in both sectors.
The Manufacturing Sector PMI has reportedly decreased to 57.6 index points in June 2018, from 60.6 index points observed in the previous month, and was in line with the pattern observed in the previous years.
According to reports, the significant drop in production, especially manufacturing of food, beverages and tobacco products had largely contributed to this decrease.
Further, New Orders and Stock of Purchases have reportedly decreased during the month. However, the overall Employment increased, with the new recruitments in manufacturing of textiles, wearing apparel, leather and other related products.
Meanwhile, the Expectation for activities reportedly indicates an improvement for the next three months.
The Services Sector PMI has increased to 58.7 index points in June 2018 from 56.9 index points recorded in May 2018, supported by faster growth in Business Activity, Employment and Expectations for Activity. The report further stated that the strong growth in Business Activities was mainly observed in financial services, health services and wholesale and retail trade sectors.
OSL take:
The latest statistics of the Central Bank of Sri Lanka is an encouraging sign on the growth recorded the country’s manufacturing sector. The increase indicates the overall growth in Sri Lanka’s economy. Foreign investors could therefore look at investing the country’s manufacturing sector.
| Article Code : | VBS/AT/20180720/Z_3 |