Manufacturing PMI Stands at 57.9% in November 2018 from 56.8% in October 2018

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Friday, November 30, 2018 / 12:55 PM / CBN

 

Introduction

The November 2018 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period November 12-16, 2018. 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) (Fig. 1). 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.

 

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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 Sokoto Zamfara Kebbi Katsina Kano Jigawa Kaduna Yobe Bauchi Borno Gombe Adamawa Plateau Taraba Nasarawa Niger Kwara Kogi Benue Oyo Ogun Osun Ekiti Ondo Lagos Edo Delta Imo Akwa Ibom Abia Cross River FCT 2 computed from four diffusion indices, namely: business activity, level of new orders, employment level and raw materials inventory, with equal weights of 25% each.

 

Manufacturing PMI Report

 

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The Manufacturing PMI in the month of November stood at 57.9 index points, indicating expansion in the manufacturing sector for the twentieth consecutive month (Fig. 3 and Table 1). The index grew at a faster rate when compared to the index in the previous month. 

All the 14 subsectors surveyed reported growth in the review month in the following order: electrical equipment; furniture & related products; cement; food, beverage & tobacco products; paper products; transportation equipment; plastics & rubber products; chemical & pharmaceutical products; printing & related support activities; petroleum & coal products; fabricated metal products; non-metallic mineral products; textile, apparel, leather & footwear; and primary metal.

 

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Production Level

At 59.9 points, the production level index for the manufacturing sector grew for the twenty-first consecutive month in November 2018. The index indicated a faster growth in the current month, when compared to its level in the preceding month. Thirteen of the 14 manufacturing subsectors recorded increase in production level, while 1 remained unchanged (Fig. 4 and Table 2).

 

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New Orders

At 58.1 points, the new orders index grew for the twentieth consecutive month, indicating increase in new orders in November 2018. Eleven subsectors reported growth, 1 remained unchanged, while 2 contracted in the review month (Fig. 5 and Table 3).

 

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Supplier Delivery Time

The manufacturing supplier delivery time index stood at 56.9 points in November 2018, indicating faster supplier delivery time for the eighteenth consecutive month. Twelve subsectors recorded improved suppliers’ delivery time, while 1 remained unchanged delivery times and 1 recorded worsening delivery time (Fig. 6 and Table 4).

 

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