Manufacturing Sector expands by 56.8 points in July – CBN

Business News

Nigeria:  The July 2018 Purchasing Managers’ Index (PMI) survey conducted by the Statistics Department of the Central Bank of Nigeria (CBN)  shows  that  the Manufacturing PMI in the month of July stood at 56.8 index points, indicating expansion in the manufacturing sector for the sixteenth consecutive month.

According to the report, the index however grew at a slower rate when compared to the index in the previous month.

“Of the 14 subsectors surveyed, 13 reported growth in the review month in the following order: petroleum & coal products; printing & related support activities; paper products; electrical equipment; primary metal; furniture & related products; nonmetallic mineral products; transportation equipment; textile, apparel, leather & footwear; chemical & pharmaceutical products; food, beverage & tobacco products; cement; and fabricated metal products. The Plastics & rubber products subsector declined in the review month”

Production Level

At 59.0 points, the production level index for the manufacturing sector grew for the seventeenth consecutive month in July 2018. The index indicated a slower growth in the current month, when compared to its level in the preceding month. Twelve of the 14 manufacturing subsectors recorded increase in production level, while 2 remained unchanged.

Employment Level

The employment level index in July 2018 stood at 55.0 points, indicating growth in employment level for the fifteenth consecutive month. Of the 14 subsectors, 9 reported increased employment level, 3 remained unchanged while 2 reported reduced employment level in the review month

Raw material Inventories

The Manufacturing sector inventories index grew for the sixteenth consecutive month in July 2018. At 57.4 points, the index grew at a slower rate when compared to its level in the previous month. Twelve of the 14 subsectors recorded growth, while 2 recorded decline in raw material inventories.

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