Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 62.5 in March 2024, indicating an expansion in manufacturing activities.
According to the Central Bank of Sri Lanka (CBSL), this marks the highest PMI-Manufacturing that was recorded in three years.
All the sub-indices expanded on a month-on-month basis contributing to this increase, mainly driven by the seasonal demand.
The increase in New Orders and Production was mainly attributable to the manufacture of food & beverages and textiles & apparel sectors.
Most of the manufacturers, especially in the food & beverage sector, were optimistic about the upcoming festive season, the bank said in a statement.
The CBSL further said that Employment and Stock of Purchases increased during the month in line with the New Orders and Production.
Stating that a decline in price levels was also evident, the CBSL added that Suppliers’ Delivery Time remained lengthened, yet at a slower rate in March.
Full report: https://shorturl.at/bdjDX (Newswire)
