Sri Lanka manufacturing PMI hits 9-month high
Indicating a strong revival in manufacturing activities in the country, the manufacturing Purchasing Managers’ Index (PMI) reached a 9-month high at 67 points in March 2021.
This was largely attributable to the increases observed in Production, New Orders, and Stock of Purchases sub-indices.
Expectations for manufacturing activities in the next three months remained at improved levels anticipating a further improvement in economic activities within the country as well as in major export markets.
Services PMI rose to 62.1 points in March 2021, indicating an expansion of the services sector for the fourth straight month.
This increase was underpinned by expansions observed in new businesses, business activities, employment and expectations for activity.
New businesses in the services sector increased in March 2021, particularly with the improvements observed in financial services, other personal services and wholesale and retail trade sub-sectors.
Employment increased in March 2021 for the first time after declining for 13 consecutive months due to new recruitments amidst growing business activities.
Expectations on business activities for the next three months increased further in March 2021 underpinned by the optimistic expectations on growth prospects amidst Sinhala and Tamil New Year and Ramadan festive seasons.