The external sector remained resilient with increased inflows from workers' remittances and tourist earnings despite an expansion in the trade deficit In July 2024.

Merchandise trade deficit widened in July 2024 (y-o-y), recording the highest monthly trade deficit thus far in 2024.

Land Valuation Indicator (LVI) for Colombo District increased by 6.9 per cent on a year-on-year basis during the first half of 2024. All sub indicators of LVI, namely, Residential, Commercial and Industrial LVIs contributed to this increase recording annual increases of 8.5 per cent, 8.5 per cent and 3.7 per cent, respectively. On a semi-annual basis, LVI and its sub indicators increased at a higher rate during first half of 2024 compared to the values recorded in second half of 2023. Further, it was observed that Industrial LVI increased at a slower pace compared to Commercial and Residential LVIs.

Purchasing Managers’ Indices indicate expansions in both Manufacturing and Services activities in July 2024.

Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 59.5 in July 2024, indicating a continuous expansion in manufacturing activities. All sub-indices contributed positively to this improvement.

An International Monetary Fund (IMF) Mission led by Senior Mission Chief Mr. Peter Breuer visited Sri Lanka from July 25 to August 2, 2024, to discuss recent macroeconomic developments and progress in implementing economic and financial policies under Sri Lanka’s economic reform program supported by the IMF’s Extended Fund Facility (EFF) arrangement.