Sri Lanka records growth in manufacturing and services in October
- 5opn1
- November 21, 2024
- Business News
- Sri Lanka records growth in manufacturing and services in October
- 0 Comments
The country’s manufacturing and services sectors in October showed strong upturn, judging by the Purchasing Managers Index (PMI).The manufacturing PMI recorded an index value of 58.1 in October 2024, indicating an expansion in manufacturing activities.
This indicates a continued expansion in manufacturing activities, at an accelerated pace relative to the previous month. PMI compiler Central Bank of Sri Lanka (CBSL) said new orders sub-index remained elevated in October as firms continued to receive production orders for the upcoming festive season, mainly for food and beverages sector.
Further, the firms had ramped up their production processes, increasing the Production sub-index during the month. “Employment and stock of purchases sub-indices showed month-on-month increases, aligned with the expansions in new orders and production,” CBSL said.
Nevertheless, suppliers’ delivery time remained lengthened during the month.As per the respondents, the industry outlook for manufacturing activities for the next three months remains favourable, largely supported by the optimism associated with the upcoming season.
