CBN Circulars & Publications | |
CBN Circulars & Publications | |
5160 VIEWS | |
![]() |
Thursday, February 01, 2018 /1:40 PM /CBN
The Bank makes no
representation regarding the individual companies, other than the data they
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: 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:
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.
The Manufacturing
PMI in the month of January stood at 57.3 index points indicating expansion in
the manufacturing sector for the tenth consecutive month. (Fig.3 and Table 1).
The index however grew at a slower rate, when compared to that in the previous
month.
Of the 16
subsectors, 13 reported growth in the review month in the following order:
computer & electronic products; nonmetallic mineral products; cement;
textile, apparel, leather & footwear; printing & related support
activities; appliances & components; primary metal; petroleum & coal
products; food, beverage & tobacco products; furniture & related
products; paper products; fabricated metal products; plastics & rubber
products. The electrical equipment; chemical & pharmaceutical products; and
transportation equipment subsectors contracted in the review month.
Production
Level
New
Orders
At 58.3 points, the
January 2018 new orders index grew for the eighth consecutive month. The index
indicated a slower growth in the current month, when compared to its level in
December 2017. Ten subsectors reported growth, 4 remained unchanged while 2
contracted in the review month (Fig. 5 and Table 3).
Supplier
Delivery Time
The manufacturing
supplier delivery time index stood at 56.8 points in January 2018, indicating
improved supplier delivery time for the eighth consecutive month. Seven
subsectors recorded improved suppliers’ delivery time, 4 remained unchanged
while 5 subsectors recorded delayed delivery time (Fig. 6 and Table 4).
Employment
Level
The employment
level index in January 2018 stood at 53.3 points, indicating growth in
employment level for the ninth consecutive month. Of the 16 subsectors, 8
subsectors increased their employment level, 4 remained unchanged while 4
subsectors reduced their employment level in the review month (Fig. 7 and Table
5).
Raw
material Inventories
The Manufacturing
sector inventories index in January 2018 stood at 57.7 points indicating growth
in raw material inventories for the tenth consecutive month. Eleven of the 16
subsectors recorded growth, 1 remained unchanged while 4 subsectors recorded
decline in raw material inventories (Fig. 8 and Table 6).
Non-Manufacturing
PMI Report
The composite PMI
for the nonmanufacturing sector stood at 58.5 points in January 2018,
indicating expansion in the Nonmanufacturing PMI for the ninth consecutive
month.
Sixteen of the 18
non-manufacturing subsectors recorded growth in the following order: public
administration; repair, maintenance/washing of motor vehicles; educational
services; water supply, sewage & waste management; transportation & warehousing;
real estate rental & leasing; arts, entertainment & recreation;
information & communication; agriculture; finance & insurance;
professional, scientific, & technical services; wholesale/retail trade;
health care & social assistance; electricity, gas, steam & air
conditioning supply; utilities; construction; and management of companies.
The management of
companies remained unchanged, while the accommodation & food services
subsector recorded contraction in the review period (Fig. 10 and Table 7).
Business
Activity
At 61.3 points, the
January 2018 business activity index grew for the tenth consecutive month,
indicating expansion in business activity. The index grew at a slower rate,
when compared to its level in the previous month. Sixteen subsectors recorded
growth in business activity, 1 sector remain unchanged, while 1 declined in the
review month (Table 8).
New
Orders
At 58.2 points, new
orders index grew in January 2018 for the tenth consecutive month. Of the 18
subsectors, 13 reported growth, 2 remained unchanged while 3 recorded declines
(Table 9).
Employment
Level
The employment
level Index for the non-manufacturing sector stood at 55.1 points in January
2018, indicating growth in employment for the ninth consecutive month. Thirteen
subsectors recorded growth in the review month, 3 remained unchanged while 2
recorded declines (Table 10).
Non-manufacturing
Inventory
At 59.5 points,
non-manufacturing inventory index grew for the ninth consecutive month,
indicating growth in inventories in the review period. Fifteen subsectors
recorded higher inventories, 1 remained unchanged, while 2 subsectors recorded
lower inventory in December, 2017 (Table 11).
Click
Here to Download PDF Report
Related
News
1. Nigeria PMI -
2017 Rounds Off With Record-high PMI
2.
Manufacturing
PMI Stands at 59.3% in December 2017 from 55.9% in November 2017
3. PMI
Reading No 57: A Seasonal Surge
4.
Nigeria
PMI - Economic Expansion Strengthens In November
5.
PMI
Reading No 56: Nine Months Above Water
6.
Manufacturing
PMI Stands at 55.9% in November 2017 from 55.0% in October 2017
7.
Manufacturing
PMI Stands at 55.0% in October 2017 from 55.3% in September 2017 - CBN
8.
PMI
Reading No 55: Higher and Higher
9.
Nigeria
PMI- Record Manufacturing Reading in September
10. PMI
Reading No 54: A Pause for Breath
11.
Manufacturing
PMI Stands at 55.3% in September 2017 from 53.6%% in August 2017 - CBN
12. PMI
Reading Rose to 58.5 Points in August from 56.3 Points in July