The Central Bank of Nigeria (CBN) published its Purchasing Managers' Index (PMI) survey for September earlier, showing an improvement in both Manufacturing and Non-Manufacturing PMI which rose for the 6th and 5th consecutive month to 55.3 and 54.9 points respectively, amid sustained growth across sub-sectors.
At 54.9 index points, Non-Manufacturing PMI expanded for fifth consecutive month. Save for slowdown in Construction; Management; and Professional, Scientific & Technical activities, other activities improved significantly.
Accordingly, all four sub-indices sustained uptrend with Business Activity (56.8pts), Inventories (52.9pts) and New orders level (55.4pts) reporting more than a percentage growth while Employment level (54.7pts) grew slower.
Similarly, Manufacturing PMI (55.3pts) pointed to expansion in manufacturing activities for the sixth consecutive month as performance in all but two (primary metal and petroleum & coal products) of the 16 sub-sectors further strengthening in September.
Employment Level (52.8pts), Production level (58.8pts), Supplier delivery time (55.4pts), New Orders (53.5pts) and Raw materials (56.4pts) sub-indices all expanded.
While the September PMI reading foreshadows yet another positive GDP growth number in Q3-2017, we observe that the slowdown in ICT related activities belies the developments in the tech space both locally and across the world.
While the September PMI reading foreshadows yet another positive GDP growth number in Q3-2017, we observe that the slowdown in ICT related activities belies the developments in the tech space both locally and across the world.
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