Sri Lanka’s manufacturing and services sectors expand: Central Bank
The Sri Lanka Purchasing Managers’ Indx (PMI) – released by the Central Bank of Sri Lanka (CBSL) – recorded more rapid growth in the manufacturing and services sectors in October compared to the previous month.
Manufacturing PMI increased to 57.6 in October, which is attributed primarily to production and new orders in the food and beverage industry to meet higher demand over the upcoming festive season.
CBSL indicates higher employment in the manufacture of food and beverages, and the apparel industry, due to the recruitment of new employees to increase production levels in meeting the expected higher demand in the period ahead.
While production and new orders expanded at a faster pace, the stock of purchases remained relatively unchanged due to accumulated stocks brought forward from previous months.
The Central Bank further details the increase in services PMI to 56.9 in October, which is said to have been supported by strong growth in new businesses and related activities.