Colombo (LNW): Sri Lanka observed a decline in manufacturing activities but witnessed growth in service activities in September 2023, according to recent findings from the Central Bank’s PMI Survey.
The Manufacturing PMI recorded a value of 45.7 in September 2023, impacted negatively by factors like declining consumer demand, increased competition from imported goods, and decreased global demand, especially in sectors like food, beverages, textiles, and apparel.
However, there is optimism for manufacturing in the upcoming months due to expected increased demand during the festive season.
On the other hand, the Services PMI stood at 54.7 in September 2023, suggesting a slower expansion than the prior month.
Factors contributing to this expansion included growth in new businesses, especially in sectors like financial services, retail trade, insurance, and education.
Financial services benefited from rising credit demand due to reduced lending rates.
Additionally, sectors like education and transportation showed growth, though the hospitality sector saw a minor slowdown due to a decrease in tourist numbers.
In terms of employment, there was an uptick with several firms recruiting, while there was a marked reduction in backlogs.
Read Full Report:https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20231016_pmi_september_2023_e.pdf