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CBN Reports Improved Purchasing Managers Index For July

The Central Bank of Nigeria (CBN) on Wednesday reported improved performances in 28 out of the 30 sectors covered in the nation’s economy for July this year.

Specifically, the apex bank’s report for the month published on its website indicated expansion in economic activities in the sub-sectors’ performances for  the 17th consecutive months.

The report noted that out of 30 sub-sectors surveyed in the manufacturing and non-manufacturing sectors, 28 sub-sectors recorded  growth in the month under review.

The report stated: “The Manufacturing PMI in the month of July stood at 56.8 index points, indicating expansion in the manufacturing sector for the sixteenth consecutive month. The index however  grew at a slower rate when compared to the previous month.

“Of the 14 subsectors surveyed, 13 reported growth in the review month in the following order: petroleum & coal products; printing & related support activities; paper products; electrical equipment; primary metal; furniture & related  products; non-metallic mineral products; transportation equipment; textile, apparel, leather & footwear; chemical & pharmaceutical products; food, beverage & tobacco products; cement; and fabricated metal products. The Plastics & rubber  products subsector declined in the  review month.

“The composite PMI for the non-manufacturing sector stood at 57.7 points in July 2018, indicating expansion in the Non-manufacturing PMI for the  fifteenth consecutive month. The index grew at a faster rate when compared to that in June 2018″, the apex bank added.

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