Saturday, 16 January 2021 18:40

S L manufacturing and services rebound sharply from Covid1-19 abyss: PMI

Manufacturing and service activities have rebounded strongly in December 2020 as Sri Lanka emerged in new normal situation even after a Corona virus second wave crisis, Central Bank announced.

This was mainly attributable to the increases observed in Production, New Orders, Employment, and Stock of Purchase in manufacturing sector while services also continued to recover led by the expansions observed in new businesses, business activities, backlogs of work and expectations for activity.

Some respondents in the manufacture of food & beverages and textiles & wearing apparel sectors highlighted that they could better utilize employees amidst the improved factory operations with increased demand.

Many manufacturers mentioned that their shipments were rescheduled, causing considerable delays in arrival/clearance of required materials, mainly due to the continuous delays at the Port of Colombo.

Business activities in the services sector including financial increased in December 2020 after declining for two consecutive months.
Accommodation, food and beverage sub-sector saw an improvement during the month mainly due to the growth in domestic tourism during the holiday season.

Further, business activities in transportation, and wholesale and retail trade sub-sectors expanded owing to relaxation of travel restrictions to some extent during December 2020.

(LIN)

 

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