The Services PMI in Sri Lanka dropped to a 11-month low of 43.8 in April of 2022 from 51.3 in March, pointing to the lowest reading since May 2021, amid deepening political and economic crisis. The latest reading also marked the first contraction in the sector in 8 months, mainly due to the first fall in new business since last August (41.5 vs 56.8), particularly in accommodation, food and beverage. Business activities also fell (40.5 vs 52.1), with rising cost pressure, prolonged power cuts, and supply shortages related to the gas, fuel, all leading to deterioration in accommodation, food and beverage, real estate. Also, employment decreased (49.5 vs 54.2) due to contract expiration, retirements and resignations while backlogs of work increased for the first time since last September (52.8 vs 48.9). Finally, expectations for future business activity deteriorated further (34.7 vs 44.8). source: Central Bank of Sri Lanka
Services PMI in Sri Lanka averaged 55.17 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 May of 2022.
Services PMI in Sri Lanka is expected to be 59.00 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.