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* Sri Lanka's manufacturing, services sectors slow down in November 2018
Mon, Dec 17, 2018, 11:38 pm SL Time, ColomboPage News Desk, Sri Lanka.

Dec 17, Colombo: According to the Sri Lanka Purchasing Managers' Index (PMI) released by the Statistics Department of Central Bank, the industrial production and services in Sri Lanka have eased in November 2018 compared to the same month in 2017.

The Manufacturing Sector PMI decreased 3.9 index points to 54.3 in November 2018 from 58.2 index points recorded in October 2018.

The slowdown observed in manufacturing activities in November was mainly driven by the slowdown in new orders and production, especially in manufacturing of textiles, wearing apparels, leather and related activities.

However, new orders and production in the manufacturing of food and beverages activities has improved with the Christmas season demand.

Employment remains unchanged during the period due to the difficulties in recruiting additional employees, especially in manufacturing of furniture activities.

All the sub-indices of PMI Manufacturing recorded values above the neutral 50.0 threshold signaling an overall expansion in November yet at a slower pace compared to October 2018.

The Services sector expanded at a slower pace in November 2018, recording the lowest index value since survey began in May 2015.

The PMI of Services Sector decreased by 2.9 index points to 52.6 compared to October 2018.

The slowdown in the Services sector was mainly due to the record low index value reported for Expectations for Activity. A notable slowdown was also observed in New Businesses and Employment.

The current political situation in the country and uncertainty on future policies weighed on respondentsí Expectations for activity and the growth in New Businesses.

However, on a positive note, business activities of wholesale & retail trade and accommodation, food & beverage sub sectors reported a growth due to upcoming festive season and the peak season for tourism.

 

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