The Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 54.1 in September 2024, indicating sustained expansion in manufacturing activities driven by optimism for year-end seasonal demand.
Key Highlights:
- Positive Outlook: The outlook for manufacturing remains optimistic for the next three months, despite a slower expansion rate compared to the previous month.
- Sub-Index Performance: All sub-indices, except for employment, stayed above the neutral threshold, with notable growth in new orders and production attributed primarily to the food and beverages sector.
- Inventory Accumulation: There was an increase in stock of purchases as businesses prepared for the upcoming festive season.
- Services PMI: The Sri Lanka Purchasing Managers’ Index for Services (PMI – Services) recorded a value of 53.4, reflecting improved expectations for business activities over the next three months, driven by favorable macroeconomic conditions.
- Sector Growth: Significant improvements were seen in financial services due to favorable interest rates, alongside growth in education, professional services, programming and broadcasting, real estate, and transportation.
- Stable and Declining Sectors: Business activities in wholesale and retail trade, IT programming, and telecommunications remained unchanged, while other sectors experienced declines.
- Employment Trends: Employment continued to decline in September, and backlogs of work decreased compared to the previous month.
In summary, while manufacturing and service sectors demonstrate resilience and growth potential, challenges remain in employment and certain business activities.
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Central Bank of Sri Lanka (CBSL)
Last modified: October 19, 2024
