PMI hikes to 61.1 points in December –CBN
The Central Bank of Nigeria (CBN) has disclosed that its Manufacturing Purchasing Managers’ Index (PMI) has increased to 61.1 index points in December 2018, as against 57.9 index points declared in November, from 56.8 Index points reported for October.
With this development, the latest figure represented the highest in 2018, as the nation’s manufacturing sector opened the year at 57.8 Index points.
The CBN said there was expansion in the manufacturing sector for the 21 consecutive months in 2018, attributable to a sustained supply of foreign exchange and stability of the naira.
The apex bank based its composite PMI for the manufacturing sector on five indicators that include production, new orders, supplier delivery time, employment level and raw materials inventory. The PMI survey by CBN revealed that the index grew at a faster rate in December when compared to the index in the previous month, November. According to the report, “13 of the 14 subsectors surveyed reported growth in the review month in the following order: transportation equipment; furniture & related products; printing & related support activities; textile, apparel, leather & footwear; plastics & rubber products; chemical & pharmaceutical products; food, beverage & tobacco products; nonmetallic mineral products; paper products; fabricated metal products; cement; electrical equipment; and petroleum & coal products.
“The primary metal subsector recorded decline in the review period.” The report by CBN explained that production level index moved to 63.6 points in December. A further breakdown by other indicators showed that “At 63.6 points, the production level index for the manufacturing sector grew for the twenty-second consecutive months in December 2018. “The index indicated a faster growth in the current month when compared to its level in the preceding month. 10 of the 14 manufacturing subsectors recorded increased production level, 3 remained unchanged while one recorded decreased production level.”
“At 62.3 points, the new orders index grew for the twenty-first consecutive months, indicating an increase in new orders in December 2018. 13 subsectors reported growth, while one contracted in the review month.” “The manufacturing supplier delivery time index stood at 58.4 points in December 2018, indicating faster supplier delivery time. The index has recorded growth for nineteen consecutive months. 13 subsectors recorded improved suppliers’ delivery time, while one remained unchanged. “The employment level index in December 2018 stood at 57.0 points, indicating growth in employment level for the twentieth consecutive months. Of the 14 subsectors, 12 reported increased employment level, while two reported unchanged employment level in the review month. “The Manufacturing sector inventories index grew for the twenty-first consecutive months in December 2018. At 63.2 points, the index grew at a faster rate when compared to its level in November 2018. Eleven of the 14 subsectors recorded growth, while 3 recorded unchanged raw material inventories in the review month.” Motolani Oseni
The apex bank based its composite PMI for the manufacturing sector on five indicators that include production, new orders, supplier delivery time, employment level and raw materials inventory. The PMI survey by CBN revealed that the index grew at a faster rate in December when compared to the index in the previous month, November. According to the report, “13 of the 14 subsectors surveyed reported growth in the review month in the following order: transportation equipment; furniture & related products; printing & related support activities; textile, apparel, leather & footwear; plastics & rubber products; chemical & pharmaceutical products; food, beverage & tobacco products; nonmetallic mineral products; paper products; fabricated metal products; cement; electrical equipment; and petroleum & coal products.
“The primary metal subsector recorded decline in the review period.” The report by CBN explained that production level index moved to 63.6 points in December. A further breakdown by other indicators showed that “At 63.6 points, the production level index for the manufacturing sector grew for the twenty-second consecutive months in December 2018. “The index indicated a faster growth in the current month when compared to its level in the preceding month. 10 of the 14 manufacturing subsectors recorded increased production level, 3 remained unchanged while one recorded decreased production level.”
“At 62.3 points, the new orders index grew for the twenty-first consecutive months, indicating an increase in new orders in December 2018. 13 subsectors reported growth, while one contracted in the review month.” “The manufacturing supplier delivery time index stood at 58.4 points in December 2018, indicating faster supplier delivery time. The index has recorded growth for nineteen consecutive months. 13 subsectors recorded improved suppliers’ delivery time, while one remained unchanged. “The employment level index in December 2018 stood at 57.0 points, indicating growth in employment level for the twentieth consecutive months. Of the 14 subsectors, 12 reported increased employment level, while two reported unchanged employment level in the review month. “The Manufacturing sector inventories index grew for the twenty-first consecutive months in December 2018. At 63.2 points, the index grew at a faster rate when compared to its level in November 2018. Eleven of the 14 subsectors recorded growth, while 3 recorded unchanged raw material inventories in the review month.” Motolani Oseni
