Manufacturing, non manufacturing PMI records expansion in October-CBN
The Composite Purchasing Market Index for the manufacturing in the month of October increased to 58.2 index points, indicating expansion in the sectors.
The index grow in a faster rate compared to the index in September.
The Central Bank of Nigeria (CBN) PMI report for the month of October showed that 13 of the 14 subsector surveyed recorded growth in the reviewed period include petroleum & coal products; cement; electrical equipment; furniture & related products; fabricated metal products; printing & related support activities; textile, apparel, leather & footwear; food, beverage & tobacco products; nonmetallic mineral products; plastics & rubber products; primary metal; chemical & pharmaceutical products; and transportation equipment while the paper products subsector recorded decline in the review period.
The report pointed out that at 59.3 points, the production level index for manufacturing sector grew to 59.3 points for the thirty-second consecutive month in October 2019 as 11 of the 14 manufacturing subsectors recorded increased production level, while three recorded decline.
Blueprint reports that rhe apex bank report further showed that the composite PMI for the non- manufacturing sector stood at 58.2 points, indicating expansion for the thirtieth consecutive month. The index grew at a faster rate when compared to its level in September 2019. The apex bank said that 15 of the 17 surveyed subsectors recorded growth. The subsectors that recorded growth were order: repair, maintenance/washing of motor vehicles; transportation & warehousing; real estate rental & leasing; agriculture; utilities; finance & insurance; accommodation & food services; wholesale/retail trade; educational services; construction; information & communication; professional, scientific, & technical services; water supply, sewage & waste management; health care & social assistance; and electricity, gas, steam & air conditioning supply.
