CBN’s PMI Survey reports slow growth rate for February

The latest report of the Central Bank of Nigeria (CBN) on its Purchasing Managers’ Index (PMI) Survey has shown that production level, new orders, supplier delivery time, employment level and inventories grew at a slower rate in February 2019.

According to the report, the Manufacturing PMI in the month of February stood at 57.1 index points, meaning the manufacturing sector expanded for the 23rd consecutive month. It, however, grew at a slower rate when compared to the month of January.

According to the survey, “13 of the 14 subsectors surveyed reported growth in the review month in the following order: petroleum and coal products; electrical equipment; transportation equipment; plastics and rubber products; food, beverage and tobacco products; textile, apparel, leather and footwear; non-metallic mineral products; chemical and pharmaceutical products.

“Others were furniture and related products; printing and related support activities; cement; fabricated metal products; and paper products. The primary metal subsector recorded decline in the review period”, the report stated.

The report also indicated that at 56.9 points, the new orders index grew for the twenty-third consecutive month, indicating increase in new orders in February 2019, just as twelve subsectors reported growth, one remained unchanged, while one contracted in the review month.

The manufacturing supplier delivery time index stood at 58.2 points in February 2019, indicating slower supplier delivery time.

The index had recorded growth for 21 consecutive months, as14 subsectors recorded improved suppliers’ delivery time in the review period.

The employment level index for February 2019 stood at 56.3 points, indicating growth in employment level for 22 consecutive months.

The report also indicated that eight of the 14 subsectors reported increased employment level, while five remained unchanged and one reported decreased employment in the reviewed month.

The manufacturing sector inventories index grew for the 23rd consecutive month in February 2019.

“At 56.2 points, the index grew at a slower rate when compared to its level in January 2019.

“Nine of the 14 subsectors recorded growth, one recorded unchanged, while four reported declined raw material inventories in the review month.

“Business activity, new orders, employment level and inventories grew at a slower rate in February 2019

“The composite PMI for the non- manufacturing sector stood at 58.4 points in February 2019, indicating expansion in the non-manufacturing PMI for the 22nd consecutive month.

“The index grew at a slower rate when compared to that in January 2019.