CBN Circulars & Publications | |
CBN Circulars & Publications | |
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PROSHARE | |
PROSHARE |
Wednesday, November 27, 2019 / 11:08 AM / By CBN / Header Image Credit: CBN
Introduction
The November 2019 PMI survey was conducted by the
Statistics Department of the Central Bank of Nigeria during the period November
12-18, 2019. The respondents were purchasing and supply executives of
manufacturing and non-manufacturing organizations in all 36 states in Nigeria
and the Federal Capital Territory (FCT). The Bank makes no representation
regarding the individual companies, other than the information they have
provided. The data contained herein further provides input for policy
decisions.
Data and Method of Presentation
The Manufacturing and Non-Manufacturing PMI Report on businesses is based on survey responses, indicating the changes in the level of business activities in the current month compared with the preceding month. For each of the indicators measured, this report shows the diffusion index of the responses. The diffusion index is computed as the percentage of responses with positive change plus half of the percentage of those reporting no change, except for supplier delivery time, which is computed as the percentage of responses with negative change plus half of the percentage of those reporting no change.
The composite PMI for the manufacturing sector is computed as the weighted average of five diffusion indices, namely: production level, level of new orders, suppliers' delivery time, employment level and raw materials inventory/work in progress, with assigned weights of 25%, 30%, 15%, 10% and 20%, respectively. The composite PMI for the non-manufacturing sector is computed from four diffusion indices, namely: business activity, level of new orders, employment level and raw materials inventory, with equal weights of 25% each.
A composite PMI above 50 points indicates that the
manufacturing/non-manufacturing economy is generally expanding, 50 points
indicates no change and below 50 points indicates that it is generally
contracting. The subsectors reporting growth are listed in the order of highest
to lowest growth, while those reporting contraction are listed in the order of
the highest to the lowest contraction.
Manufacturing PMI Report
The
Manufacturing PMI in the month of November stood at 59.3 index points,
indicating expansion in the manufacturing sector for the thirty-second
consecutive month (Fig. 2 and Table 1). The index grew at a faster rate when
compared to the index in October. Thirteen of the 14 surveyed subsectors
reported growth in the review month in the following order: transportation
equipment; petroleum & coal products; furniture & related products;
electrical equipment; plastics & rubber products; food, beverage &
tobacco products; nonmetallic mineral products; printing & related support
activities; cement; fabricated metal products; primary metal; chemical &
pharmaceutical products; and textile, apparel, leather & footwear. The
paper products subsector recorded decline in the review period (Fig. 2 and
Table 1).
Production Level
At 60.1
points, the production level index for manufacturing sector grew for the
thirty-third consecutive month in November 2019. The index indicated a faster
growth in the current month, when compared to its level in October 2019. Eleven
of the 14 manufacturing subsectors recorded increased production level, while 3
recorded decline (Fig. 3 and Table 2).
New Orders
At 59.4
points, the new orders index grew for the thirty-second consecutive month,
indicating increase in new orders in November 2019. The index grew at a faster
rate, when compared to its level in October 2019. Ten subsectors reported
growth, while 4 remained unchanged in the review month (Fig. 4 and Table 3).
Supplier Delivery Time
The
manufacturing supplier delivery time index stood at 58.7 points in November
2019, indicating faster supplier delivery time. The index has recorded growth
for thirty consecutive months. Twelve of the 14 subsectors recorded improved
suppliers' delivery time, while 2 declined in the review period (Fig. 5 and
Table 4).
Employment Level
The
employment level index for November 2019 stood at 57.7 points, indicating
growth in employment level for the thirty-first consecutive month. Of the 14
subsectors, 10 reported increased employment level, 1 reported unchanged
employment level while 3 reported decreased employment in the review month
(Fig. 6 and Table 5).
Raw material Inventories
The
Manufacturing sector inventories index grew for the thirty-second consecutive
month in November 2019. At 60.6 points, the index grew at a faster rate when
compared to its level in October 2019. Twelve of the 14 subsectors recorded
growth, while 2 reported declined raw material inventories in the review month
(Fig. 7 and Table 6).
Related News
1.
Manufacturing
PMI Stands at 58.2% in October 2019 from 57.7% in September 2019
2.
Manufacturing
PMI Stands at 57.7% in September 2019 from 57.9% in August 2019
3.
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PMI Stands at 57.9% in August 2019 from 57.6% in July 2019
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PMI Stands at 57.8% in May 2019 from 57.7% in April 2019
5.
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PMI Stands at 57.4% in March 2019 From 57.1% in February 2019
6.
Manufacturing
PMI Stands at 57.1% in February 2019 from 58.5% in January 2019
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Manufacturing
PMI Stands at 58.5% in January 2019 from 61.1% in December 2018
8.
Manufacturing
PMI Stands at 61.1% in December 2018 from 57.9% in November 2018
9.
Manufacturing
PMI Stands at 56.8% in October 2018 from 56.2% in September 2018
10.
Manufacturing
PMI Stands at 56.2% in September 2018 from 57.1% in August 2018
11.
Manufacturing
PMI Stands at 57.1% In August 2018 from 56.8% in July 2018
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PMI Stands at 56.8% in July 2018 from 57.0% in June 2018
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PMI Stands at 57.0% in June 2018 from 56.5% in May 2018