‘Inventories , Production, Others Recorded Slow Growth In February’
Production level, new orders, supplier delivery time, employment level and inventories grew at a slower rate in February 2019.
The Central Bank of Nigeria disclosed this in its Purchasing Managers’ Index Survey Report for the month of February.
It stated that the Manufacturing PMI in the month under review stood at 57.1 index points, indicating expansion in the manufacturing sector for the 23rd consecutive month.
The index grew at a slower rate when compared to the index in the previous month.
It stated, “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.”
According to the report, the production level index for the manufacturing sector grew for the 24th consecutive month in February 2019.
The index indicated a slower growth in the current month, when compared to its level in the preceding month. Nine of the 14 manufacturing subsectors recorded increased production level, three remained unchanged while two recorded a decline.
At 56.9 points, the new orders index grew for the twenty-third consecutive month, indicating increase in new orders in February 2019.
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. All 14 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.
Of the 14 subsectors, eight reported increased employment level, five reported unchanged employment level while 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.
All 17 surveyed subsectors recorded growth in the following order: management of companies; arts, entertainment and recreation; utilities; information and communication; finance and insurance; repair, maintenance/washing of motor vehicles; educational services; real estate rental and leasing; wholesale/retail trade; transportation and warehousing; health care and social assistance; electricity, gas, steam and air conditioning supply; agriculture; accommodation and food services; construction; professional, scientific, and technical services; and water supply, sewage and waste management.
At 59.7 points, the business activity index grew for the 23rd consecutive month, indicating expansion in non-manufacturing business activity in February 2019.
The index grew at a slower rate when compared to its level in the previous month.
15 subsectors recorded growth in business activity, one remained unchanged while one recorded decline in the review month.
