CBN Circulars & Publications | |
CBN Circulars & Publications | |
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PROSHARE | |
PROSHARE |
Monday,
December 30, 2019 /06:18 PM / By CBN / Header Image
Credit: CBN
Introduction
The December 2019 PMI survey was conducted by the
Statistics Department of the Central Bank of Nigeria during the period December
10-14, 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 December stood at 60.8 index points,
indicating expansion in the manufacturing sector for the thirty-third
consecutive month (Fig. 2 and Table 1). The index grew at a faster rate when
compared to the index in November. All the 14 surveyed subsectors reported
growth in the review month in the following order: petroleum & coal
products; transportation equipment; plastics & rubber products; food, beverage
& tobacco products; fabricated metal products; furniture & related
products; primary metal; chemical & pharmaceutical products; printing &
related support activities; textile, apparel, leather & footwear; cement;
paper products; electrical equipment; and nonmetallic mineral products (Fig. 2
and Table 1).
Production Level
At 61.8
points, the production level index for manufacturing sector grew for the
thirty-fourth consecutive month in December 2019. The index indicated a faster
growth in the current month, when compared to its level in November 2019.
Eleven of the 14 manufacturing subsectors recorded increased production level,
2 remained unchanged while 1 recorded decline (Fig. 3 and Table 2).
New Orders
At 61.5
points, the new orders index grew for the thirty-third consecutive month,
indicating increase in new orders in December 2019. The index grew at a faster
rate, when compared to its level in November 2019. Twelve subsectors reported
growth, 1 remained unchanged while 1 recorded decline in the review month (Fig.
4 and Table 3).
Supplier Delivery Time
The
manufacturing supplier delivery time index stood at 60.5 points in December
2019, indicating faster supplier delivery time. The index has recorded growth
for thirty-one 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 December 2019 stood at 58.0 points, indicating
growth in employment level for the thirty-second consecutive month. Of the 14
subsectors, 10 reported increased employment level, 3 reported unchanged
employment level while 1 reported decreased employment in the review month
(Fig. 6 and Table 5).
Raw material Inventories
The
Manufacturing sector inventories index grew for the thirty-third consecutive
month in December 2019. At 62.4 points, the index grew at a faster rate when
compared to its level in November 2019. Twelve of the 14 subsectors record ed
growth, while 2 reported declined raw material inventories in the review month
(Fig. 7 and Table 6).
Related News
1.
Manufacturing PMI Stands at 59.3% in
November 2019 from 58.2% in October 2019
2.
Manufacturing PMI Stands at 58.2% in
October 2019 from 57.7% in September 2019
3.
Manufacturing
PMI Stands at 57.7% in September 2019 from 57.9% in August 2019
4.
Manufacturing
PMI Stands at 57.9% in August 2019 from 57.6% in July 2019
5.
Manufacturing
PMI Stands at 57.8% in May 2019 from 57.7% in April 2019
6.
Manufacturing
PMI Stands at 57.4% in March 2019 From 57.1% in February 2019
7.
Manufacturing
PMI Stands at 57.1% in February 2019 from 58.5% in January 2019
8.
Manufacturing
PMI Stands at 58.5% in January 2019 from 61.1% in December 2018
9.
Manufacturing
PMI Stands at 61.1% in December 2018 from 57.9% in November 2018
10. Manufacturing
PMI Stands at 56.8% in October 2018 from 56.2% in September 2018
11.
Manufacturing
PMI Stands at 56.2% in September 2018 from 57.1% in August 2018
12. Manufacturing
PMI Stands at 57.1% In August 2018 from 56.8% in July 2018
13. Manufacturing
PMI Stands at 56.8% in July 2018 from 57.0% in June 2018
14. Manufacturing
PMI Stands at 57.0% in June 2018 from 56.5% in May 2018