Lankapage Logo CP 18 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka services sector activities accelerate in June 2017
Sat, Jul 15, 2017, 08:50 pm SL Time, ColomboPage News Desk, Sri Lanka.

July 15, Colombo: Sri Lanka's services sector expanded significantly in June 2017 while the manufacturing sector showed a modest improvement from the previous month, the Central Bank's Purchasing Managers' Index (PMI) Survey released on Friday showed.

The Manufacturing Sector PMI recorded 56.1 in June which is a decrease of 1.8 index points compared to May 2017 while the Services Sector PMI accelerated to 59.2 index points in June from 55.3 index points in May 2017.

The slow expansion of the manufacturing activities in June 2017, is mainly due to the decrease in New Orders and Production sub-indices which were partly influenced by the adverse weather conditions. As a result, excessive stock levels were created and a marginal decline in lengthening of the suppliers' delivery time was experienced.

However, the Employment level improved recovering from the contraction experienced in the previous month. Further, all the sub-indices of PMI recorded values above the neutral 50.0 threshold signaling an overall expansion. Moreover, the expectation for activities indicates an improvement for the next three months.

The acceleration in Services sector was supported by New Businesses, Business Activity, Employment and Expectations for Activity. Backlogs of Work declined, at a moderate pace compared to May 2017.

Financial sector contributed to the acceleration in New Businesses through adoption of technological advancement to serve their clientele. An increase in Business Activity levels was reported, mainly in the health sector.

Accommodation, food and beverage sector expects an increase in activity levels in the next 3 months due to anticipated growth in both domestic and foreign tourist activities. Prices Charged index experienced no change in June compared to May 2017 in the absence of any festival demand. Meanwhile, Expectations on Labor Cost increased marginally in June 2017 due to the increase in the employment level.

 


ColomboPage - Recent 10 Stories ::
Suspects in Dematagoda abduction case sentenced
-- [4 hours ago]
Price control on several essential food items considered to arrest rising cost of living
-- [5 hours ago]
Sri Lanka to advance the traditional indigenous medicine and methods
-- [7 hours ago]
Sri Lanka's CICT invests over USD 10 Mn in green infrastructure at Colombo Port
-- [8 hours ago]
Red Herring names 99X Technology as one of Asia's most promising tech companies
-- [9 hours ago]
AIS Principal Harshana Perera honored at Icons of Learning Summit, Singapore
-- [9 hours ago]
Traditional Scottish Pipers in Colombo
Criminal investigators face many challenges - Secretary to the President
Sri Lanka receives World No Tobacco Day Award for third time
Indian, Sri Lankan Premiers discuss entire gamut of bilateral relations

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.