The Services PMI in Sri Lanka increased to 43.1 in May of 2020 from an all-time low of 29.8 in April, on steps taken towards resumption of civilian life and institutions back to normalcy in the country following the curb in the spread of Covid-19 pandemic. Improvements were seen in business activity (34.2 vs 8.9 in April), new business (45.7 vs 26.8) and expectations for activity (46.7 vs 18.9). This was reflected in activities such as transportation, wholesale & retail trade, professional services and telecommunication sub-sectors. Still, others related to the tourism industry including accommodation, food & beverage declined owing to restrictions imposed on hotel operations and zero international tourist arrivals for a second month. Meanwhile, employment contracted more (27.7 vs 33.7), due to the halt of new recruitments amidst retirements. Also, backlogs of work continued to increase for a third month (46.7 vs 18.9), due to the lingering effects of the pandemic.
Services Pmi in Sri Lanka averaged 56.08 points from 2015 until 2020, reaching an all time high of 66.80 points in May of 2015 and a record low of 29.80 points in April of 2020. This page provides - Sri Lanka Services Pmi- actual values, historical data, forecast, chart, statistics, economic calendar and news. Sri Lanka Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Central Bank of Sri Lanka
Services Pmi in Sri Lanka is expected to be 47.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services Pmi in Sri Lanka to stand at 53.00 in 12 months time. In the long-term, the Sri Lanka Services PMI is projected to trend around 56.90 points in 2021 and 57.00 points in 2022, according to our econometric models.