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PMI contracts in December

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Sri Lanka Purchasing Managers’ Index (PMI) for Construction Industry – in December 2023, as reflected by the Total Activity Index value of 48.6 in December 2023, indicated a slower contraction in construction activities compared to last month.

The respondents mentioned that the limited availability of project work continued to hamper the activity levels.

New Orders declined in December, broadly at a similar pace compared to the previous month. Many respondents mentioned that currently they are heavily relying on foreign-funded projects. Meanwhile, Employment contracted mainly due to the layoffs in line with the project completions. Further, Quantity of Purchases remain contracted during the month since the ongoing work and the upcoming projects continued to decline.

In the meantime, Suppliers’ Delivery Time remained lengthened in December.

With the lack of upcoming projects and the impact of tax revisions on price levels, the industry outlook for the next three months is on the downside.

The post PMI contracts in December appeared first on DailyNews.

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