Sri Lanka manufacturing PMI down in May, services up

ECONOMYNEXT – Sri Lanka’s purchasing managers index (PMI) for manufacturing has shown a drop in activity for two months in a row, with the index recording 47.9 points in May though improving from 41.6 point in April, the central bank said.

A PMI index points below 50 indicates a drop in activity.

The central bank which released the index for the first time in May 2016 said flooding and rains in the month depressed activity, with 29 percent of those surveyed saying their premise were hit.

Sri Lanka’s Services Sector PMI for May was 58.1 points, higher than the 54.7 points recorded in May.

"The increase in Services PMI was underpinned by increases in new businesses, employment, backlogs of work and expectations for activity sub-indices," the Central Bank said.

"Business activity sub-index, although expanded, slipped down further with the onset of off-season for certain service sector activities, recording the weakest level since the survey began in May 2015.

"Prices charged increased in May compared to month-on-month decline recorded in April 2016." (Colombo/June24/2016)

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