The manufacturing Purchasing Managers’
Index (PMI) stood at 56.9 index points in April, indicating an expansion
in the manufacturing sector for the 13th consecutive month.
The CBN disclosed this in its PMI survey report for April 2018 released yesterday.
According to the report, the index grew at a faster rate when compared to the index in the previous month.
It showed that of the 15 sub-sectors
surveyed, 12 reported growth in the review month in the following order:
Petroleum and coal products, electrical equipment, appliances and
components, printing and related support activities.
Others include textile apparel leather
and footwear, fabricated metal products, chemical and pharmaceutical
products, food, beverage and tobacco products, paper products, furniture
and related products, plastics and rubber products, and transportation
equipment.
But the cement sub-sector remained
unchanged, while the non-metallic minerals and primary metal subsectors
declined in the review month.
Also, at 58.6 points, the production
level index for the manufacturing sector grew for the 14th consecutive
month in April 2018. The index indicated a slower growth in the current
month, when compared to its level in the preceding month.
In all, 12 of the 15 manufacturing
sub-sectors recorded increase in production level, one remained
unchanged, while the remaining two recorded declines in production level
during the review month.
“At 55.8 points, new orders index grew for the 13th consecutive month, indicating increase in new orders in April 2018.
“Seven sub-sectors reported growth, four remained unchanged while four contracted in the review month.
“The manufacturing supplier delivery
time index stood at 57.4 points in April 2018, indicating faster
supplier delivery time for the eleventh consecutive month.
“Eleven sub-sectors recorded improved
suppliers’ delivery time, three remained unchanged while one sub-sector
recorded delayed delivery time,” it added.
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