The Manufacturing PMI recorded an index value of 59.5 in July. In June, the value was 56.6. “All sub-indices contributed positively to this improvement,” the CBSL said.

It said the expansion in new orders was driven by the manufacture of the Textile and Apparel sector. “Production increased during the month, mainly due to improved performance in manufacture of the Food and Beverages and Textile and Apparel sectors,” it added.

The PMI for Services indicated a further expansion in services activities in July 2024, as reflected by the Business Activity Index, which reached an index value of 71.1. In June, the index value was 63.5.

The CBSL said the expansion in business activities was driven by improvements observed across a majority of sectors.