In July 2024, the composite Purchasing Managers’ Index (PMI) stood at 49.7 points indicating contraction in economic activities for the thirteenth consecutive month, according to the latest data from the Central Bank of Nigeria (CBN).
However, the index shows improvement compared to the 48.8 points recorded in the previous month. Furthermore, Output Level, Suppliers’ Delivery Time and Stock of Inventory expanded. New Orders and Employment contracted at a slower rate compared to the levels recorded in the previous month.
The sectoral breakdown shows that the Services Sector recorded expansion for the second consecutive month while the Industry and Agricultural Sectors registered slower contraction when compared to the level recorded in the previous month.
Within the Industry Sector, the Manufacturing, Construction and Mining & Quarrying; Electricity, Gas & Water Supply Subsectors all recorded contractions in the review month.
The PMI is computed based on responses regarding the direction of change in different aspects of respondents’ business activities. An index above 50.0 points indicates an expansion in business activities while below 50.0 points indicates a contraction in business activities. An index of 50.0 indicates a no-change situation.
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