Nigeria’s PMI records growth for 20th time, says CBN
Purchasers’ Manager Index (PMI), which records activities in the manufacturing and non-manufacturing sectors of the economy, including employment, continue to record growth for the 20th consecutive time in November this year.
The PMI report for November released by the Central Bank of Nigeria (CBN) yesterday pointed out that all sub-sectors recovered from contraction, including production level, new orders, supplier delivery time, employment level and inventories, as they grew at a faster rate.
According to the report, the manufacturing PMI in the month under review stood at 57.9 index points, indicating expansion in the manufacturing sector for the 20th consecutive month. “The index grew at a faster rate when compared to the index in the previous months.”
It added that all the 14 subsectors surveyed reported growth in the review month in the following order: electrical equipment; furniture and related products; cement; food, beverage and tobacco products; paper products; transportation equipment; plastics and rubber products.
Others are chemical and pharmaceutical products; printing and related support activities; petroleum and coal products; fabricated metal products; non-metallic mineral products; textile, apparel, leather and footwear; and primary metal.
The report also indicated that at 59.9 points, the production level index for the manufacturing sector grew for the 21st consecutive month in November. The index indicated a faster growth in the current month, when compared to its level in the preceding month. Thirteen of the 14 manufacturing subsectors recorded increase in production level, while one remained unchanged.
Also, it revealed that at 58.1 points, the new orders index grew for the 20th consecutive month, indicating increase in new orders in November 2018. Eleven subsectors reported growth, one remained unchanged, while two contracted in the review month.
On delivery time, it said that the manufacturing supplier delivery time index stood at 56.9 points in the month under review, indicating faster supplier delivery time for the 18th consecutive month.
It added that 12 subsectors recorded improved suppliers’ delivery time, while one remained unchanged and another recorded worse delivery time.
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