News Formal

‘Industrial sector contracted, service industry expanded’ -- highlights of CBN’s PMI report

  • 📰 thecableng
  • ⏱ Reading Time:
  • 38 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 80%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

To enhance transparency, promote informed decision-making and support economic growth, the CBN has reintroduced the purchasing managers’ index (PMI).

Aderonke OniTo enhance transparency, promote informed decision-making and support economic growth, the Central Bank of Nigeria has reintroduced the purchasing managers’ index .PMI is an indicator of the general direction of economic trends in the manufacturing and service sectors.

“Similarly, the Manufacturing; Mining, Quarrying, Electricity, Gas, and Water Supply; and Construction subsectors registered declines in July 2024,” the CBN said. “Among the 17 subsectors, seven reported declines in stock levels of which Transportation Equipment recorded the highest growth, five maintained a stationary level, and five experienced growth in their stock levels with Furniture & Related Products subsector recording the highest decline,” the PMI report reads.“At 50.8 points, the time required to deliver raw materials ordered by industrial firms in July 2024 was shorter.

According to the apex bank, the level of new orders recorded declined while the employment level remained unchanged in the review month.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Obaseki approves 400-hectare industrial park as investment in agric sector hits €3mThe Edo State Governor, Godwin Obaseki, has approved the creation of Esan Enterprise Park, a 400-hectare industrial layout, aimed at bolstering the state’s industrial capacity.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Business woes deepen in H2 as PMI drops to eight-month lowBusiness confidence in Nigeria at the start of the second half of the year is at an all-time low, judging by July’s Purchasing Manager’s
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Business woes deepen in H2 as PMI drops to eight-month lowBusiness confidence in Nigeria at the start of the second half of the year is at an all-time low, judging by July’s Purchasing Manager’s
Source: GuardianNigeria - 🏆 1. / 94 Read more »