Production, Inventories Recorded Slow Growth in January –Report

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Production, Inventories Recorded Slow Growth in January –Report

The Statistics Department of the Central Bank of Nigeria (CBN) in its Purchasing Managers’ Index Survey Report for January 2019 revealed that the production level, new orders, supplier delivery time, employment level and inventories grew at a slower rate in January 2019.

The report revealed that the Manufacturing PMI in the month of January stood at 58.5 index points, indicating expansion in the manufacturing sector for the 22nd consecutive month. The index grew at a slower rate when compared to the index in the previous month.

All 14 sub-sectors surveyed reported growth in the review month in the following order: petroleum and coal products; chemical and pharmaceutical products; primary metal; paper products; cement; furniture and related products; and printing and related support activities.

Others were fabricated metal products; electrical equipment; food, beverage and tobacco products; non-metallic mineral products; textile, apparel, leather and footwear; plastics and rubber products; and transportation equipment.

The report stated that at 59.3 points, the production level index for the manufacturing sector grew for the 23rd consecutive month in January 2019. The index indicated a slower growth in the current month, when compared to its level in the preceding month. Twelve of the 14 manufacturing subsectors recorded increased production level, while two remained unchanged.

At 58.9 points, the new orders index grew for the 22nd consecutive month, indicating increase in new orders in January 2019. Eleven subsectors reported growth, two remained unchanged, while one contracted in the review month.

Also, the manufacturing supplier delivery time index stood at 58.3 points in January 2019, indicating slower supplier delivery time. The index recorded growth for 20 consecutive months. Eleven subsectors recorded improved suppliers’ delivery time, while three remained unchanged.

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