By Elizabeth Adegbesan
The Central Bank of Nigeria (CBN) yesterday released its Purchasing Managers Index report, which indicated that expansion in the nation’s economy for the thirty-second consecutive month in November 2019.
The apex bank disclosed yesterday in its Purchasing Managers Index (PMI) report for November 2019.
The report showed that the Manufacturing PMI rose by 1.1 index points to 59.3 index points from 58.2 index points in October 2019.
The report further showed that the Non-Manufacturing PMI rose by 1.9 points to 60.1 index points in November from 58.2 index points in October.
According to the report, 30 out of the 31 subsectors surveyed recorded growth.
The report stated:” 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.
“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.”
On Non-Manufacturing PMI, the report stated: “The composite PMI for the non-manufacturing sector stood at 60.1 points in November 2019, indicating expansion in Non-Manufacturing PMI for the thirty-first consecutive months.
“The index grew at a faster rate when compared to its level in October 2019. All 17 surveyed subsectors recorded growth in the following order: repair, maintenance/washing of motor vehicles; finance & insurance; management of companies; wholesale/retail trade; real estate rental and leasing; educational services; health care & social assistance; construction; transportation & warehousing; accommodation and food services; utilities; agriculture; arts, entertainment & recreation; water supply, sewage & waste management; professional, scientific, and technical services; information & communication; and electricity, gas, steam & air conditioning supply.”