Sri Lanka’s manufacturing service sectors hit multi-year highs in March
The Morning: Sri Lanka’s economy showed robust signs of recovery in March, with both manufacturing and services sectors posting their strongest performance in years, according to the latest Purchasing Managers’ Index (PMI) data released on 17 April.
The Manufacturing PMI surged to 63.9 in March, its highest level since 2021, driven by strong seasonal demand. Key highlights included the new orders and production sub-indices expanding sharply, particularly in food and beverages and textile/apparel sectors.
Further, employment and stock of purchases also rose, reflecting increased activity. Supplier delays persisted, indicating lingering supply chain pressures.
OSL take:
Sri Lanka’s ongoing economic activities and the steady economic growth are further evident by the increase in the PMI. The multi-year high recorded by the manufacturing service sectors in March indicates an expansion in economic activities in the country, thereby presenting a host of new business/investment opportunities for foreign businesses/investors on the lookout for lucrative business ventures in the region. With Sri Lanka on the path to becoming a hub in the South Asian region supported by the country’s strategic positioning in the Indian Ocean and the many trade agreements and trade concessions enjoyed with many foreign countries, the business/investment opportunities presented by the country’s manufacturing sector will be revolving revenue generators for the businesses. Realizing the growth and business potential in Sri Lanka’s manufacturing sector, the Sri Lankan government has presented many incentive schemes for foreign businesses/investors while the country is also focused on overseas promotional campaigns as well as further strengthening and expanding trade ties with overseas markets. Given all these developments, foreign businesses/investors could confidently explore the expanding business/investment opportunities in Sri Lanka, especially in the manufacturing industry.
| Article Code : | VBS/AT/20250423/Z_5 |