WED, MARCH 27 2019-theG&BJournal- The Manufacturing PMI in the month of March stood at 57.4 index points according to PMI report issued today by the Central Bank of Nigeria indicating growth in the manufacturing sector for the twenty-fourth consecutive month.
The CBN report reinforces optimism about the direction of the economy and manufacturing which appears to be quickening its stride, growing to 58.5 points in March 2019, a
According to the CBN, the index grew at a faster rate when compared to the index in the previous month. Eleven of the14 subsectors surveyed reported growth in the review month in the following order: cement; food, beverage & tobacco products; fabricated metal products; furniture & related products; paper products; chemical & pharmaceutical products; plastics & rubber products; electrical equipment; printing & related support activities; transportation equipment and non-metallic mineral products. The Textile, apparel, leather & footwear; Petroleum & coal products and primary metal subsectors recorded decline in the review period.
The Non-Manufacturing PMI Report also quickened its stride, indicating expansion in the Non-manufacturing PMI for the twenty-third consecutive month. The composite PMI for the non-manufacturing sector stood at 58.5points in March2019, indicating expansion in the Non-manufacturing PMI for the twenty-third consecutive month.
The index grew at a faster rate when compared to that in February2019. Fourteen of the 17surveyed subsectors recorded growth in the following order: utilities; health care & social assistance; agriculture; information & communication; real estate, rental & leasing; repair, maintenance/washing of motor vehicles; construction; educational services; wholesale trade; finance & insurance; electricity, gas, steam & air-conditioning supply; professional, scientific, & technical services; accommodation & food services and water supply, sewage & waste management.
For manufacturing PMI, Production Level stood at 58.3points in March 2019 the twenty-fifth consecutive month of growth. The index indicated a faster growth in the current month, when compared to its level in the month of February 2019. Nine of the 14 manufacturing subsectors recorded increased production level, while 5 recorded decline.
The Manufacturing PMI new orders index grew for the twenty-fourth consecutive month, indicating increase in new orders in March2019. Eightsubsectorsreportedgrowth,4 remained unchanged, while 2contractedin the review month. The Index finished the month at 56.7points.
The manufacturing supplier delivery time index stood at 58.4points in March2019, indicating faster supplier delivery time. The index has recorded growth for twenty-second consecutive months. Eleven of the 14subsectorsrecordedimproved suppliers’ delivery time, while 1 remained unchanged and 2 recorded decline in the review period.
Non-Manufacturing PMI Report
Business Activity
At 57.8points, the business activity index grew for the twenty-fourth consecutive month at a slower rate, indicating contraction in non-manufacturing business activity inMarch2019.Thirteen subsectors recorded growth in business activity, 1 remained unchanged while 3recorded decline in the review month.
New Orders
At 58.9points, new orders index grew for the twenty-fourth consecutive month in March2019.Of the17 subsectors, 13recorded growth in new orders, while 1 remained unchanged and 3recorded decline in the review month.
Employment Level
The employment level Index for the non-manufacturing sector stood at 59.5points,indicating growth in employment for the twenty-third consecutive month. Fourteen subsectors recorded growth in employment level while 3 declined in the review period.
Non-manufacturing Inventory
At 59.5points, non-manufacturing inventory index grew for the twenty-third consecutive month, indicating growth in inventories in the review period. Of the seventeen surveyed subsectors, 15recordedhigherinventories, while 1 remained unchanged and 1 recorded declined inventories in March 2019.
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