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.

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Sri Lanka Services PMI



Related Last Previous Unit Reference
Industrial Production -5.63 -13.61 percent Apr 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 42.40 43.80 points May 2022
Manufacturing PMI 50.30 36.40 points May 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
42.40 43.80 66.80 29.80 2015 - 2022 points Monthly

News Stream
Sri Lanka Services PMI at 12-Month Low
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).
2022-06-16
Sri Lanka Services Shrink the Most in 11 Months
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).
2022-05-18
Sri Lanka Services PMI Falls to 7-Month Low
The Services PMI in Sri Lanka fell to a 7-month low of 51.3 in March of 2022 from 51.8 in the previous month. The decline was mainly due to a slowdown in business activities (52.1 vs 56.5), with rising cost pressure, prolonged power cuts, and supply shortages related to the gas, fuel, all leading to deterioration in wholesale and retail trade, accommodation, food and beverage, human health, and education. Meantime, new business grew faster (56.8 vs 55.0), particularly in financial services, other personal activities, telecommunication and insurance. Also, employment bounced back (54.2 vs 47.0) due to seasonal demand while backlogs of work fell at a softer rate (48.9 vs 46.3). Finally, expectations for future business activity deteriorated for the first time since August 2021 (44.8 vs 54), dragged down by escalating political and social unrest, supply shortages, and import related issues and restrictions amid foreign exchange shortage.
2022-04-19