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Sri Lanka’s manufacturing and service sectors gain momentum

Sri Lanka’s manufacturing Sector marked an Increase in August 2018 compared to performance in the previous month, Central Bank sources said.

The expansion observed in manufacturing activities in August was mainly driven by expansion in production led by the increase in new orders, especially in manufacturing of textiles, wearing apparel, leather and other related products.

Further, employment also increased at a higher rate with the recruitment of employees especially for food and beverages sector led by the positive outlook for improving activities within this sector.

However, stock of purchases show some slowdown, especially in manufacturing of other non-metallic mineral products. Nevertheless, stock of purchases in the manufacturing of textiles, wearing apparel, leather and other related products increased.

However the Services sector continued to expand, albeit at a slower pace, in August 2018 supported by growth in New Businesses, Business Activity and Employment, Central Bank announced.

The growth in New Businesses was mainly observed in financial services and insurance sectors. Respondents cited establishment of digital banking units and improvements to service delivery channels as contributory factors to this growth.

Business Activity expanded mainly in accommodation food & beverage sector due to improvement in both local and foreign tourism.

(LI NEWS)

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