Production level index for manufacturing sector grew for the sixth consecutive month in August 2017, according to the Central a Bank of Nigeria (CBN).
The index, which stood at 57.4 points in the month under review, indicated an increase in production at a slower rate, when compared to its level in the preceding month. Of the 16 manufacturing subsectors, 11 recorded increase in production level, one remained unchanged and the other four declined during the review month.
The Manufacturing PMI stood at 53.6 index points in August 2017, indicating expansion in the manufacturing sector for the fifth consecutive month.
A total of 12 out of the 16 subsectors reported growth in the review month. They include computer and electronic, products; appliances and, components; chemical and pharmaceutical products; textile, apparel, leather and footwear; electrical equipment; printing and related support activities; paper products; non-metallic mineral products; food, beverage and tobacco products; furniture and related products; cement and plastics and rubber products.
The remaining four subsectors contracted in the order: transportation equipment; primary metal; petroleum and coal products and fabricated metal products.
The composite PMI for the non-manufacturing sector stood at 54.1 points in August 2017, indicating growth in non-manufacturing PMI for the fourth consecutive month.
Of the 18 non-manufacturing subsectors, 15 recorded growth. They are utilities; public administration; information and communication; finance and insurance; health care and social assistance; agriculture; accommodation and food services; electricity, gas, steam and air conditioning supply; transportation and warehousing; maintenance/washing vehicles; wholesale educational services; professional, scientific, and technical services; arts, entertainment and recreation, and water supply, sewage and waste management. The real estate, rental and leasing; construction; and management of companies sub sectors recorded contraction in the review period.
The business activity index moderated to 56.1 points in August 2017, indicating growth for the fifth consecutive month. The index grew at a slower rate, when compared to its level in the previous month.
Twelve subsectors recorded growth in business activity, three remained unchanged while three declined in the review month.
