The Services PMI in Sri Lanka dropped to a 12-month low of 42.4 in May of 2022 from 43.8 in April, amid economic and political uncertainties, central bank data showed. The latest reading also marked the second straight month of contraction in the sector, mainly due to a faster decline in business activities (39.0 vs 40.5), with rising cost pressure, prolonged power cuts, and energy shortages, all leading to deterioration in wholesale and retail trade, transportation, accommodation, and food and beverage. Also, new business, dropped further despite at a slower pace (45.5 vs 41.5), particularly in accommodation, food and beverage, wholesale and retail trade, real estate, and education sub-sectors. At the same time, employment decreased (38.5 vs 49.5) due to contract expiration, retirements and resignations, while backlogs of work expanded at a softer rate (51.6 vs 52.8). Finally, expectations for future business activity deteriorated further, despite at a slower rate (37.4 vs 34.7). 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 July 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.