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Market Update: Sri Lanka Services PMI Falls to 13-Month Low
The Services PMI in Sri Lanka dropped to 39.5 in May of 2021, from 48.9 in the prior month, signalling the steepest contraction in the services sector since April of 2020. Both business activity (28.9 from 47.9 in April) and new business (36.3 from 48.9) shrank at a faster pace, amid travel restrictions imposed to contain the spread of the third wave of COVID-19 pandemic. Wholesale and retail trade, other personal activities and accommodation, food and beverage, and professional services sub-sectors contributed the most towards the decline. Also, employment declined (32.8 from 48.4), due to retirements, resignations and contract expirations. Meanwhile, public health measures, such as localized lockdowns and island wide travel restrictions imposed led to an increase in backlogs of work (60.9 from 54.4). Finally, expectations on future business activity weakened (38.6 from 44.7), due to the anxiety among businesses about growth prospects with the intensification of COVID-19 pandemic. source: Central Bank of Sri Lanka [/s2If]
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