Manufacturing sector contracted in December – CBN

The manufacturing sector recorded contraction in December, the Central Bank of Nigeria said on Thursday.

The Statistics Department of the CBN said this in its ‘Purchasing Managers’ Index Survey Report’ for December 2020.

Part of the report read, “The Manufacturing PMI in the month of December stood at 49.6 index points, indicating a contraction from the expansionary level recorded in the month of November 2020.

“Of the 14 surveyed subsectors, four subsectors reported expansion (above 50 per cent threshold) in the review month in the following order:

“Transportation equipment, non-metallic mineral products, paper products and food, beverage and tobacco products.

“Textile, apparel, leather and footwear subsector remained stationary.”

It added that the remaining nine subsectors reported contraction in the following order:

“Primary metal, petroleum and coal products; cement, electrical equipment, fabricated metal products, printing and related support activities, plastics & rubber products; chemical & pharmaceutical products and furniture and related products.”

READ ALSO  GSM users hit 203 million, MTN, Airtel lead growth

According to the report, the December 2020 production level index for the manufacturing sector stood at 51.6 points, indicating expansion for two consecutive months.

Of the 14 subsectors surveyed, six subsectors recorded increased production level, four subsectors reported stationary level of production, while four subsectors recorded declines in production in December 2020.

The new orders expanded for the third consecutive months in the month of December.

The index stood at 50.2 points in December 2020.

Five subsectors reported expansion in new orders, two subsectors remained stationary while the remaining seven recorded contraction in the review month.

It stated that the manufacturing supplier delivery time index stood at 51.2 points in December 2020. This indicated that supplier delivery time was faster for the eighth consecutive months.

Please follow and like us:

Next Post

CBN revokes licences of seven payment services providers

Fri Dec 25 , 2020
Post Views: 49 The Central Bank of Nigeria has revoked the operating licences of seven payment services providers. The CBN disclosed this on Thursday on a report titled ‘Revocation of operating licences of some payment service providers’. The affected firms are Easifuel Limited, Transaction Processing System, Grand Towers Limited, Paymaster […]
Follow by Email