By Modupe Gbadeyanka
For the 16th consecutive month, the manufacturing Purchasing Managers’ Index (PMI) recorded an expansion in the month of July 2018.
According to the index released by the Central Bank of Nigeria (CBN) on Tuesday, the index grew to 56.8 index points.
The apex bank, in the report, said the index however expanded at a slower rate when compared with the index in the previous month.
It said 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; non-metallic 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.
Also, the composite PMI for the non-manufacturing sector stood at 57.7 points in July 2018, indicating expansion in the non-manufacturing PMI for the 15th consecutive month.
The index grew at a faster rate when compared with that in June 2018.
During the period under review, 16 of the 17 subsectors recorded growth in the following order: information & communication; finance & insurance; water supply, sewage & waste management; wholesale/retail trade; health care & social assistance; educational services; agriculture; real estate rental & leasing; arts, entertainment & recreation; professional, scientific, & technical services; transportation & warehousing; accommodation & food services; repair, maintenance/washing of motor vehicles; utilities; electricity, gas, steam & air conditioning supply; and construction. The management of companies subsector recorded contraction in the review period.
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