Manufacturing Output Contracts 23%

CEYLON TODAY | Published: 2:00 AM Oct 27 2020
FT Manufacturing Output Contracts 23%

Large scale establishments in Sri Lanka have seen a total output of ‘manufacturing’ contracts by 23 per cent year-on- year (YoY) in the second quarter (2Q) of 2020, ‘electricity generation and supply’ a 33% contraction, ‘construction’ (a 23% contraction), ‘wholesale and retail trade’ (a 29% contraction) and ‘accommodation and food service activities’ (a 78% contraction), the Census and Statistics Department (CSD) said on 23 October.

It added that in respect of the manufacturing activities in ‘wearing apparel’,  ‘leather and related products’, ‘paper and paper products’, ‘coal and refined petroleum products’, ‘rubber and plastic products’, ‘basic metals’, ‘fabricated metal products’, ‘machinery and equipment’ and ‘furniture’ had suffered more than a 30% output value contraction each, on a YoY basis in the 2Q of 2020.

In the small and medium enterprises sector,  establishments, as a percentage change of revenue for the first  five months in this year  has witnessed contraction in revenue by 72% in respect of the ‘mining and quarrying’ category, 51% contraction in ‘manufacturing’, 73% contraction in ‘construction’, 52% contraction in ‘trade’ and a 71% contraction in ‘overall services’. 

The World Bank estimates that the economy would have had contracted by 10.3% in the 2Q of 2020. 

(PA)

CEYLON TODAY | Published: 2:00 AM Oct 27 2020

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