CBN’s manufacturing PMI records 57 index point in June
- Representing 15th consecutive growth
The latest report from the Central Bank of Nigeria (CBN) has indicated that the Manufacturing Purchasing Managers’ Index (PMI) stood at 57 index points in June from 56.6 index points in May.
The expansion in June 2018 translates to 15th consecutive month growth in PMI, monitored by the statistics department of the apex bank.
CBN noted that the PMI index however grew at a faster rate when compared to the index in the previous month that closed at 56.6 index points.
The PMI report of CBN measures non manufacturing and manufacturing sector. The manufacturing sector comprises of production level, new orders, supplier delivery time, employment level and raw material inventories.
According to CBN, “of the 14 subsectors surveyed, 10 reported growth in the review month in the following order: paper products; furniture & related products; printing & related support activities; food, beverage & tobacco products; plastics & rubber products; electrical equipment; textile, apparel, leather & footwear; chemical & pharmaceutical products; petroleum & coal products and nonmetallic mineral products.
“The transportation equipment; fabricated metal products; primary metal; and cement subsectors declined in the review month.”
On production level, the survey conducted by CBN reveals: “At 59.2 points, the production level index for the manufacturing sector grew for the 16th consecutive month in June 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 increase in production level, one remained unchanged, while the remaining three recorded declines in production level during the review month.”
New orders according to CBN grew to 56.2 points, 15th consecutive month increase that indicated growth in new orders in June 2018.
The survey by CBN stated that “Eight subsectors reported growth, two remained unchanged while four contracted in the review month.”
