Manufacturing Purchasing Managers’ rises to 47.7 index points in March -CBN

The Central Bank of Nigeria (CBN) has said the Manufacturing Purchasing Managers’ Index (PMI) moved to 47.7 index points in March 2017, indicating declines in the manufacturing sector for the third consecutive month but at a slower rate.
The PMI report by CBN said 13 of the 16 sub-sectors reported declines in the review month.
The sub-sectors considered include, “primary metal; transportation equipment; plastics & rubber products; electrical equipment; paper products; printing & related support activities; petroleum & coal products; non-metallic mineral products; furniture & related products; cement; fabricated metal products; computer & electronic products; and chemical & pharmaceutical products.
“The appliances & components; food, beverage & tobacco products; and textile, apparel, leather & footwear sub sectors reported expansion in the review period.”
The production level index for manufacturing sector expanded in March 2017. The index at 50.8 points indicated an expansion in production level as compared to contraction in 45.2 points the previous month.
According to the report, at 45.6 points, the index declined for the third consecutive month but at a slower rate when compared to the level achieved in February 2017.
“12 sub-sectors recorded declines in the following order: primary metal; plastics & rubber products; petroleum & coal products; printing & related support activities; electrical equipment; transportation equipment; computer & electronic products; paper products; fabricated metal products; furniture & related products; cement; and nonmetallic mineral products.
“The remaining four sub-sectors grew in the following order: appliances & components; food, beverage & tobacco products; textile, apparel, leather & footwear; and chemical & pharmaceutical products.
The composite PMI for the non-manufacturing sector declined for the fifteenth consecutive month.
The index stood at 47.1 points, indicating a slower decline when compared to the 44.5 points in February 2017.
Of the eighteen non-manufacturing sub-sectors, eleven recorded declines in the following order: construction; professional, scientific, & technical services; real estate, rental & leasing; management of companies; repair, maintenance/washing of motor vehicles; accommodation & food services; wholesale/retail trade; arts, entertainment & recreation; information & communication; utilities; and health care & social assistance.
“The remaining seven sub-sectors: public administration; educational services; agriculture; water supply, sewage & waste management; electricity, gas, steam & air conditioning supply; transportation & warehousing; and finance & insurance reported growth in the review month, ”PMI March 2017 report by CBN added.