CBN: Economic Activities Expand Faster In March - FOW 24 NEWS

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CBN: Economic Activities Expand Faster In March

For the first time in 2019, economic activities grew faster as the manufacturing and non-manufacturing sectors continued to expand in the month of March.....

The Purchasing Managers Index, which measures economic activities in the country for the month, had risen slightly from what it was last month.
The PMI released by the Central Bank of Nigeria (CBN) on Wednesday showed that the Manufacturing PMI in the month of March stood at 57.4 index, points up from 57.1 in February, indicating expansion in the manufacturing sector for the 24th consecutive month.
The index grew at a faster rate when compared to the index in the previous month as 11 of the 14 sub-sectors surveyed reported growth.
The cement; food, beverage & tobacco products; fabricated metal products; furniture & related products; paper products; chemical & pharmaceutical products; plastics & rubber products; electrical equipment; printing & related support activities; transportation equipment and non-metallic mineral products had recorded expansions while the textile, apparel, leather & footwear; petroleum & coal products and primary metal sub-sectors recorded decline in the review period.
At 58.3 points, the production level index for the manufacturing sector grew for the twenty-fifth consecutive month in March 2019.
The index indicated a faster growth in the current month, when compared to its level in the month of February 2019, as nine of the 14 manufacturing sub-sectors recorded increased production level, while five recorded decline.
New orders index grew for the 24th consecutive month at 56.7 points, indicating increase in new orders in March 2019. Eight sub-sectors reported growth, four remained unchanged, while two contracted in the review month.
The employment level index for March 2019 stood at 56.9 points, indicating growth in employment level for the twenty-third consecutive month. Of the 14 sub-sectors, nine reported increased employment level, one reported unchanged employment level while four reported decreased employment in March.
The composite PMI for the non-manufacturing sector stood at 58.5 points in March 2019, indicating expansion in the non-manufacturing PMI for the 23rd consecutive month. The index grew at a faster rate when compared to 58.4 points in February 2019.
Fourteen of the 17 surveyed sub-sectors recorded growth in the following order: utilities; health care & social assistance; agriculture; information & communication; real estate, rental & leasing; repair, maintenance/washing of motor vehicles; construction; educational services; wholesale trade; finance & insurance; electricity, gas, steam & air conditioning supply; professional, scientific, & technical services; accommodation & food services and water supply, sewage & waste management.
The transportation & warehousing sector remained unchanged while management of companies and arts, entertainment & recreation declined.
At 57.8 points, the business activity index grew for the 24th consecutive month at a slower rate, indicating contraction in non-manufacturing business activity in March 2019, as 13 subsectors recorded growth in business activity, one remained unchanged while three recorded decline.
The employment level index for the non-manufacturing sector stood at 59.5 points, indicating growth in employment for the 23rd consecutive month. Fourteen sub-sectors recorded growth in employment level while three declined in the review period.
CBN: Economic Activities Expand Faster In March Reviewed by FOW 24 News on March 28, 2019 Rating: 5 For the first time in 2019, economic activities grew faster as the manufacturing and non-manufacturing sectors continued to expand in the...

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