Manufacturing Sector Posts Expansion as PMI Hits 61.1 Points

By Modupe Gbadeyanka

In the month of December 2018, the Manufacturing PMI stood at 61.1 index points, indicating expansion in the manufacturing sector for the 21st consecutive months, growing at a faster rate when compared to the index in the previous month, the Central Bank of Nigeria (CBN) has said.

During the period under consideration, 13 of the 14 subsectors surveyed reported growth in the review month in the following order: transportation equipment; furniture & related products; printing & related support activities; textile, apparel, leather & footwear; plastics & rubber products; chemical & pharmaceutical products; food, beverage & tobacco products; non-metallic mineral products; paper products; fabricated metal products; cement; electrical equipment; and petroleum & coal products. The primary metal subsector recorded decline in the review period.

Also, the composite PMI for the non-manufacturing sector stood at 62.3 points in December 2018, indicating expansion in the Nonmanufacturing PMI for the 20th consecutive months.

The index grew at a faster rate when compared to that in November 2018, the central bank noted in its report. All the 17 surveyed subsectors recorded growth in the following order: repair, maintenance/washing of motor vehicles; information & communication; water supply, sewage & waste management; wholesale/retail trade; professional, scientific, & technical services; accommodation & food services; arts, entertainment & recreation; electricity, gas, steam & air conditioning supply; utilities; finance & insurance; agriculture; transportation & warehousing; educational services; construction; real estate rental & leasing; management of companies; health care & social assistance.