|
Getting your Trinity Audio player ready...
|
The manufacturing Purchasing Managers Index (PMI) expanded for the 21st consecutive time by 61.1 point in December from 57.9 in November, driven by increased end of year activities.
The Central Bank of Nigeria (CBN) on Friday, released the December PMI, which show that production level, new orders, supplier delivery time, employment level and inventories grew at a faster rate in the month under review.
“The expansion is associated with the end of year increased activities”, Ayodele Akinwunmi, head of research, FSDH Merchant Bank limited said.
The index grew at a faster rate when compared to the index in the previous month. Consequently, 13 out of the 14 subsectors surveyed reported growth in the review month.
These include transportation equipment; furniture and related products; printing and related support activities; textile, apparel, leather and footwear; plastics and rubber products; chemical and pharmaceutical products; food, beverage and tobacco products; non-metallic mineral products; paper products; fabricated metal products; cement; electrical equipment; and petroleum and coal products. The primary metal subsector recorded decline in the review period.
At 63.6 index 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. A total of 10 out of the 14 manufacturing subsectors recorded increased production level, three remained unchanged while one recorded decreased production level.
According to the report new orders index grew by 62.3 points, in December from 68.1 index points in November, for the twenty-first consecutive months, indicating increase in new orders in December 2018. Thirteen 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. A total of 13 subsectors recorded improved suppliers’ delivery time, while one remained unchanged.
The report revealed that employment level index in December 2018 stood at 57.0 points, indicating growth in employment level for the twentieth consecutive months.
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 58.7 points in the November 2018.
The Manufacturing and Non-Manufacturing PMI Report on businesses is based on survey responses, indicating the changes in the level of business activities in the current month compared with the preceding month.
The composite PMI for the non-manufacturing sector stood at 62.3 points in December 2018, indicating expansion for the 20th consecutive months. The index grew at a faster rate when compared to 58.4 index points in November 2018.
HOPE MOSES-ASHIKE
