Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to

Leading News from Sri Lanka::

* Sri Lanka sees manufacturing activities recover in May 2019, services sector continues to deteriorate
Mon, Jun 17, 2019, 10:28 am SL Time, ColomboPage News Desk, Sri Lanka.

June 17, Colombo: According to the Sri Lanka Purchasing Managers' Index (PMI) released by the Statistics Department of Central Bank on Tuesday, the industrial production in Sri Lanka recovered in May 2019 while services sector continued to deteriorate.

Manufacturing activities recovered to an index value of 50.7 in May 2019 which is an increase of 9.7 index points, compared to April 2019.

The recovery of manufacturing PMI is mainly attributable to the significant increase in Production and New Orders, especially, in manufacturing of textiles, wearing apparels, leather and related products, the Bank said.

Increase in production was mainly attributable to the fulfilment of accumulated orders using extra hours of factory operations. Many respondents, especially in textile and apparel sector, highlighted that they had to work extra hours on week days as well as in weekends during the month to clear the backlog of orders.

Employment contracted as a slight decline in new recruitments was observed, particularly, in manufacturing of food and beverages sector.

All sub-indices of PMI Manufacturing except for Employment and Stock of Purchases recorded values above the neutral 50.0 threshold signaling an overall expansion in manufacturing activities in May 2019 compared to April 2019.

Services sector declined further to an index value of 44.7 in May 2019 compared to previous month due to decline in Employment and Business Activity sub-indices, which was mainly caused by Easter Sunday attack.

Employment sub index recorded the lowest level since the commencement of the survey in May 2015 and it was mainly due to discontinuation of the service of contract employees with the deterioration in Business Activity.

Further, deterioration of Business Activity was also observed in the wholesale and retail trade, and transportation sub sectors.

Many respondents highlighted that uncertainty arose from Easter Sunday attack still prevails in the country. Thus, New Businesses and Expectations for Activity continued to decline compared to previous month, yet at a slower pace.

Prices Charged in the Services sector increased at a slower rate in May 2019 due to price discounts offered by hotels and other firms in accommodation, food & beverage, and other personal services sub sectors. Moreover, Expected Labor Cost for next three months increased at a higher rate in May 2019.


ColomboPage - Recent 10 Stories ::
Ruling party parliamentarians agree to dissolve Sri Lanka parliament
PM hopes for independent commissions to continue in the future
EU looks forward to work with Sri Lanka President to bring whole country together
ACMC leader expects the new President to uphold unity and reconciliation among all communities
U.S. ready to continue its work with the new President of Sri Lanka
EU EOM says Sri Lanka election is peaceful and technically well-managed, but affected by media bias
Iran congratulates Sri Lanka on successful presidential elections
Gotabaya Rajapaksa sworn in as the 7th Executive President of Sri Lanka
Kenyan woman arrested with cocaine pills at Sri Lanka airport
Patali Champika Ranawaka resigns from minister post

Copyright © 2000, 2016 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, 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, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.