The Central Bank of Nigeria’s Purchasing Managers’ Index
increased to 59.3 index points in December, the highest in 2017,
PMI Survey Report released by the CBN on Wednesday showed.
The latest figure was far above the PMI of 55.9 index points
reported in November, and 55 index points in October as well as
55.3 index points in September.
The PMI survey indicates the economic health of the
manufacturing sector.
The year 2017 opened with a PMI of 48.2 index points in
January.
The CBN said there was expansion in the manufacturing sector for
nine consecutive months last year, attributing it to stability in
the foreign exchange market.
The apex bank based its composite PMI for the manufacturing
sector on five indicators, namely: production, new orders, supplier
delivery time, employment level and raw materials inventory.
The CBN’s PMI survey showed that 15 of the 16 subsectors
reported growth in December especially in areas like petroleum and
coal products; and textile, apparel, leather and footwear.
Other subsectors that increased in the PMI were: cement;
transportation equipment; paper products; food, beverage and
tobacco products; furniture and related products; plastics and
rubber products; non-metallic mineral products; printing and
related support activities; appliances and components; chemical and
pharmaceutical products; fabricated metal products; primary metal
and electrical equipment.
The CBN’s PMI data however, showed that the computer and
electronic product sectors contracted in the month under
review.
According to the regulator’s PMI survey report, the production
level closed at 63.2 points , the tenth consecutive month growth,
in December.
The report read in part, “The index indicated an increase in
production in the current month, when compared to its level in the
preceding month. Eleven of the 16 manufacturing subsectors recorded
increase in production level, three remained unchanged, while the
remaining two recorded declines in production level during the
review month.”
The report on new orders stated that the index grew to 60 points
in December, a nine consecutive monthly increase.
“Thirteen subsectors reported growth, two remained unchanged
while one contracted in the review month,” the CBN PMI report
said.
Also, the manufacturing supplier delivery time index stood at
57.4 points in December 2017, indicating faster supplier delivery
time for the seventh consecutive month.
“Eleven subsectors recorded improved suppliers’ delivery time,
one remained unchanged while four subsectors recorded delayed
delivery time,” the survey report said.
On employment level, the survey report said, “The employment
level index in December 2017 stood at 53.9 points, indicating
growth in employment level for the eighth consecutive month.
“Of the 16 subsectors, nine subsectors increased their
employment level, three remained unchanged while fourth subsectors
reduced their employment level in the review month.
It added, “The manufacturing sector inventories index grew for
the ninth consecutive months in December 2017. At 61.1 points, the
index grew at a faster rate when compared to its level in the
previous months.”
The Central Bank of Nigeria’s Purchasing Managers’ Index
increased to 59.3 index points in December, the highest in 2017,
PMI Survey Report released by the CBN on Wednesday showed.
The latest figure was far above the PMI of 55.9 index points
reported in November, and 55 index points in October as well as
55.3 index points in September.
The PMI survey indicates the economic health of the
manufacturing sector.
The year 2017 opened with a PMI of 48.2 index points in
January.
The CBN said there was expansion in the manufacturing sector for
nine consecutive months last year, attributing it to stability in
the foreign exchange market.
The apex bank based its composite PMI for the manufacturing
sector on five indicators, namely: production, new orders, supplier
delivery time, employment level and raw materials inventory.
The CBN’s PMI survey showed that 15 of the 16 subsectors
reported growth in December especially in areas like petroleum and
coal products; and textile, apparel, leather and footwear.
Other subsectors that increased in the PMI were: cement;
transportation equipment; paper products; food, beverage and
tobacco products; furniture and related products; plastics and
rubber products; non-metallic mineral products; printing and
related support activities; appliances and components; chemical and
pharmaceutical products; fabricated metal products; primary metal
and electrical equipment.
The CBN’s PMI data however, showed that the computer and
electronic product sectors contracted in the month under
review.
According to the regulator’s PMI survey report, the production
level closed at 63.2 points , the tenth consecutive month growth,
in December.
The report read in part, “The index indicated an increase in
production in the current month, when compared to its level in the
preceding month. Eleven of the 16 manufacturing subsectors recorded
increase in production level, three remained unchanged, while the
remaining two recorded declines in production level during the
review month.”
The report on new orders stated that the index grew to 60 points
in December, a nine consecutive monthly increase.
“Thirteen subsectors reported growth, two remained unchanged
while one contracted in the review month,” the CBN PMI report
said.
Also, the manufacturing supplier delivery time index stood at
57.4 points in December 2017, indicating faster supplier delivery
time for the seventh consecutive month.
“Eleven subsectors recorded improved suppliers’ delivery time,
one remained unchanged while four subsectors recorded delayed
delivery time,” the survey report said.
On employment level, the survey report said, “The employment
level index in December 2017 stood at 53.9 points, indicating
growth in employment level for the eighth consecutive month.
“Of the 16 subsectors, nine subsectors increased their
employment level, three remained unchanged while fourth subsectors
reduced their employment level in the review month.
It added, “The manufacturing sector inventories index grew for
the ninth consecutive months in December 2017. At 61.1 points, the
index grew at a faster rate when compared to its level in the
previous months.”
Read more https://nairalaw.com/pmi-hits-one-year-high-at-59-3-points-says-cbn/