Sri Lanka’s services sector records expansion in January 2022
The Central Bank of Sri Lanka (CBSL) has reportedly stated that the country’s services sector had recorded an expansion in January 2022.
The expansion was recorded by the Purchasing Managers Index (PMI) for January compiled by the CBSL.
“The Services PMI indicated a continuous expansion in January 2022, though it decreased by 4.9 points to an index value of 57.5,” the CBSL has stated, adding that the expansion in the services sector was underpinned by the increases observed in new businesses, business activities, employment and expectations for activity sub-indices.
The CBSL issued a special statement reiterating the pronouncement following the release of the January PMI following certain media reports that had misinterpreted a decline in the services sector.
Several key economic sectors in Sri Lanka posted a growth despite facing challenges posed by the pandemic and is continuing with the growth momentum. Sri Lanka’s economy has been resilient to external and internal challenges through the years and is once again on the path to recovery after the pandemic. The ongoing development programme and the positioning of the country as an emerging business destination of the South Asian region have all resulted in the expansion of business/investment opportunities in Sri Lanka. This expansion has been further supported by Sri Lanka’s geographical positioning in the Indian Ocean, the many trade agreements as well as concessions enjoyed by the country and the ease of doing business environment. Foreign businesses/investors should therefore confidently explore the growing opportunities in Sri Lanka.
|Article Code :||VBS/AT/03032022/Z_1|