Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 53.3 in November 2024. This indicates an expansion in manufacturing activities on a month-on-month basis, with positive contributions from all the sub-indices.

New Orders sub-index expanded during the month, primarily driven by the textile & wearing apparel sector. Further, the expansion in Production sub-index was mainly attributable to the food & beverages sector. Moreover, Employment and Stock of Purchases sub-indices remained expanded during the month, aligning with the New Orders and Production sub-indices. Meanwhile, Suppliers’ Delivery Time remained lengthened during the month.

The outlook for manufacturing activities for the next three months remains positive. However, some manufacturers, especially in the food sector, are concerned about the limited supply of several key raw materials.

Sri Lanka Purchasing Managers’ Index for Services (PMI – Services) indicated a further expansion in services activities in November 2024 as reflected by the Business Activity Index, which recorded an index value of 60.5.

The expansion in Business Activities was driven by the improvements observed across most of the sectors. Accordingly, business activities in the financial services experienced a significant improvement amid increased lending activities. Further, business activities in accommodation, food and beverage also showed a considerable improvement due to the increase in tourist arrivals. Meanwhile, wholesale and retail trade business activities also increased ahead of the festive season, despite the adverse impact of unfavourable weather on sales.

New Businesses increased in November 2024, primarily due to considerable expansions in the financial services and accommodation, food and beverage activities.

Employment increased amid recruitments made to accommodate growing economic activities with increased tourist arrivals and festive season, whereas Backlogs of Work continued to decline in November 2024.

Expectations for Business Activities for the following three months continued to improve, at a higher rate, driven by the ongoing tourist season and the upcoming festive season.

Questionnaires are completed in the first half of the succeeding month. For each variable, respondents are asked to report an increase, decrease or no change compared with the previous month, and to provide reasons for any changes. The index compilation and interpretation of indices follow the survey methodology of S&P Global.

PMI – Manufacturing, which is considered as the headline index for Manufacturing, is a weighted average of New Orders, Output, Employment, Suppliers’ Delivery Time and Stocks of Purchases.

The Services Business Activity Index is the headline index for Services, which is referred to as the PMI – Services, as per the international best practices. The Services Business Activity Index is comparable to the Manufacturing Production Index.

The Index

PMI is calculated as a ‘Diffusion Index’, where it takes values between 0 and 100. PMI=50 – sector remained neutral on month-on-month basis PMI>50 – sector is generally expanding on month-on-month basis PMI<50 – sector is generally declining on month-on-month basis

Sample

The sampling frame was based on a list of large companies located in the Western province obtained from the EPF Department. Samples for Manufacturing and Services activities were selected based on the GDP sectoral share, with a target of 100 responses for each.

Definitions of Variables

Employment : Number of staff working for the organization Stock of purchases : Raw materials purchased and kept in a warehouse to be used for production Supplier Delivery Time : Time lag between order placement and delivery by the supplier Backlogs of Work : Uncompleted orders Other variables are self-explanatory.

(CBASL)

The late Sri Lankan architect Geoffrey Bawa (1919-2003) was known primarily for his architecture, but he also created a series of contemporary furniture designs throughout his five-decade practice. With regards to this custom built furniture, he was known to say “We did what was thought to be right in that moment.”

This “moment” is the culmination of political, economic, and social circumstances that shaped the Sri Lankan context within which Bawa worked: one of a closed economy, restricted imports, and a consequential reliance on locally-available materials. The Geoffrey Bawa practice produced a number of furniture designs as a result, namely lamps and chairs. Bawa and his associates worked with local craftspeople across disciplines and frequent collaborators to produce pieces embodying this innovative spirit, drawing inspiration from prevalent styles of the time.

An exhibition focusing on these designs and their role in the wider context of Bawa’s practice is now open in Colombo. Design in the Moment: Furniture by the Geoffrey Bawa Practice closely examines the histories and context of Bawa’s furniture designs and considers how they can be meaningful for contemporary use. This exhibition is a collaborative effort by the Geoffrey Bawa Trust and India-based furniture company Phantom Hands. Curated by architect and Chairperson of the Geoffrey Bawa Trust Channa Daswatte and Phantom Hands co-founder Aparna Rao, the exhibition interrogates the idea and process of reproduction through furniture designs, including the “Next-Door Café” Chair and the Saddle Chair. Phantom Hands’ Geoffrey Bawa Collection, a furniture collection offering re-editions of these designs and others from the architect’s practice, launched alongside the exhibition and will be available for purchase in 2025.

Design in the Moment: Furniture by the Geoffrey Bawa Practice will be on view at the newly-opened Geoffrey Bawa Space on 42/1 Horton Place, Colombo 07, between 13th December, 2024 and 31st May, 2025. The Geoffrey Bawa Space is open Wednesday through Sunday between 12 p.m. and 6:00 p.m. except major holidays. A series of curatorial tours and public programming will take place throughout the duration of the exhibition. More information is available on geoffreybawa.com and phantomhands.in.

Phantom Hands

Phantom Hands is a craft and design driven furniture maker based in Bangalore, India. Founded in 2014 by Aparna Rao and Deepak Srinath, their collections include re-editions of 20th century classics, as well as contemporary objects created in collaboration with acclaimed furniture and textile designers. Made by skilled artisans from traditional craft communities, Phantom Hands’ products are available globally via leading design galleries and furniture showrooms in Europe, North America, Asia and Australia.

Geoffrey Bawa Trust

The Geoffrey Bawa Trust is a non-profit organization with charitable status in Sri Lanka that was established in 1982 by the late architect, with the objectives of furthering the fields of Architecture, the Fine Arts and Ecological and Environmental Studies. Since the architect’s passing in 2003, the Trust has sustained year-round public programmes comprising lectures, educational tours, scholarships, residencies and exhibitions which engage broader discourse on the built environment and the arts in both Sri Lanka and overseas.

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NDB Bank is the fourth-largest listed commercial bank in Sri Lanka. NDB was named Sri Lanka’s Best Bank for Corporates at Euromoney Awards for Excellence 2024 and was awarded Domestic Retail Bank of the Year – Sri Lanka and Sri Lanka Domestic Project Finance Bank of the Year by Asian Banking and Finance Magazine (Singapore) Awards 2024. NDB is the parent company of the NDB Group, comprising capital market subsidiary companies, together forming a unique banking and capital market services group. The Bank is committed to empowering the nation and its people through meaningful financial and advisory services powered by digital banking solutions.