The Services PMI in Sri Lanka surged to 51.7 in August 2022 from 43.0 in the prior month, data from the central bank showed. This was the first growth in the service sector since March, as fuel shortages eased in the wake of the country's most severe financial crisis in over seven decades earlier in the year. New business bounced back strongly (57.3 vs 41.2 in July), lifted by financial services, real estate, transportation, and other personal activities. Also, business activity recovered firmly from a contraction in the prior four months (53.1 vs 36.9), mainly attributed to increasing mobility and despite worries over surging prices. At the same time, employment fell at a slower rate (43.3 vs 36.7), amid a drop in backlogs of work (47.8 vs 52.2). Finally, sentiment strengthened sharply (57.2 vs 48.0), on renewed expectations of economic stability. source: Central Bank of Sri Lanka

Services PMI in Sri Lanka averaged 54.68 points from 2015 until 2022, 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 October of 2022.

Services PMI in Sri Lanka is expected to be 53.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Sri Lanka Services PMI is projected to trend around 62.00 points in 2023, according to our econometric models.

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Sri Lanka Services PMI



Related Last Previous Unit Reference
Industrial Production -3.96 -2.28 percent Jul 2022
Capacity Utilization 69.00 67.00 percent Dec 2021
Changes in Inventories 229520.00 -64200.50 LKR Million Dec 2021
Car Registrations 113.00 183.00 Feb 2022
Services PMI 51.70 43.00 points Aug 2022
Manufacturing PMI 49.60 41.40 points Aug 2022
Business Confidence 103.00 100.00 points Mar 2022

Sri Lanka Services PMI
The Services Sri Lanka PMI (Purchasing Managers' Index) is based on data collected from a representative panel of 140 companies based in the Sri Lanka's service sector. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining.
Actual Previous Highest Lowest Dates Unit Frequency
51.70 43.00 66.80 29.80 2015 - 2022 points Monthly

News Stream
Sri Lanka Services Sector Rebounds
The Services PMI in Sri Lanka surged to 51.7 in August 2022 from 43.0 in the prior month, data from the central bank showed. This was the first growth in the service sector since March, as fuel shortages eased in the wake of the country's most severe financial crisis in over seven decades earlier in the year. New business bounced back strongly (57.3 vs 41.2 in July), lifted by financial services, real estate, transportation, and other personal activities. Also, business activity recovered firmly from a contraction in the prior four months (53.1 vs 36.9), mainly attributed to increasing mobility and despite worries over surging prices. At the same time, employment fell at a slower rate (43.3 vs 36.7), amid a drop in backlogs of work (47.8 vs 52.2). Finally, sentiment strengthened sharply (57.2 vs 48.0), on renewed expectations of economic stability.
2022-09-16
Sri Lanka Services Shrink the Least in 3 Months
The Services PMI in Sri Lanka increased to 43.0 in July of 2022 from 40.3 in June, pointing to the fourth straight month of contraction in the sector, amid economic and political uncertainties, central bank data showed. The latest reading also marked the softest contraction in three months, mainly due to a smaller decline in business activities (36.9 vs 35.1), amid supply-side constraints, as well as the subdued demand, driven by weakened economic conditions, price escalations and travel limitations. New business shrank at a faster pace (41.2 vs 43.2), particularly in transportation, real estate and accommodation, food and beverages. Also, employment declined faster (36.7 vs 38.9) due to freeze in new recruitments, contract expirations, retirements and resignations, while backlogs of work expanded further (52.2 vs 52.2). Finally, expectations for future business activity weakened further, despite at a softer rate (48.0 vs 32.3), amid various supply-side uncertainties in the country.
2022-08-16
Sri Lanka Services PMI Falls to 13-Month Low
The Services PMI in Sri Lanka dropped to a 13-month low of 40.3 in June of 2022 from 42.4 in May, amid lingering economic and political uncertainties, central bank data showed. The latest reading marked the third straight month of contraction in the sector, due to a faster decline in new business (43.2 vs 45.5), particularly in transportation, accommodation, food and beverage and education sub-sectors. Also, there was a decline faster in business activities (35.1 vs 39.0), due to the subdued consumer spending amid the high inflationary pressures, rising interest rates, transportation related issues and pessimism on economic outlook further weakened the demand. Meantime, employment decreased despite a softer pace (38.9 vs 38.5) due to freeze in new recruitments, contract expirations, retirements and resignations, while backlogs of work expanded at a faster rate (52.2 vs 51.6). Finally, expectations for future business activity deteriorated further at a faster rate (32.3 vs 37.4).
2022-07-18