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CBN’s PMI hits record expansion in December buoyed by increased year-end activities

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Buoyed by increased year-end activities, the manufacturing sector grew at a faster rate in December, hitting a record 61.1 index points, the CBN manufacturing Purchasing Managers Index (PMI) has indicated.

The CBN composite PMI which measures economic health of the manufacturing sector is based on five indicators which include production, new orders, supplier delivery time, employment level and raw materials inventory.

According to the monthly PMI report released by the apex bank at the weekend,   the index  expanded for the 21st  consecutive time by 61.1 point in December from 57.9 in November.

A total of 13 out of the 14 subsectors surveyed reported growth in the review month while one contracted.

The reported showed that production level, new orders, supplier delivery time, employment level and materials inventories in the month of December, 2018 all recorded significant improvement over the previous month.

Sectors that recorded expansion 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.

However, the primary metal subsector contracted in the review period.

The head of research, FSDH Merchant Bank Limited, Ayodele Akinwunmi, attributed the December record expansion to increased year-end activities.

But the CBN said that the 21 consecutive months of expansion of the index which opened the year at 57.8 index points was the outcome of sustained supply of foreign exchange and relative stability of the naira.

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, for the twenty-first consecutive months, indicating increase in new orders in December 2018.

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.

The post CBN’s PMI hits record expansion in December buoyed by increased year-end activities appeared first on Tribune Online.

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