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Economy: Sustained rise in PMIs suggest better economic growth – Cowry Asset

COWRY Asset Management Limited has explained that the recently released Purchasing Managers’ Index (PMI) survey report by Central Bank of Nigeria (CBN) showed faster expansions in both manufacturing and non-manufacturing businesses in December 2019 as production level and new orders indices further grew faster.
According to the survey, the manufacturing composite PMI expanded faster to 60.8 index points in December (from 59.3 in November), the sixteenth consecutive expansion. Specifically, the growth in manufacturing composite PMI was due to faster expansion in production level index to 61.8 in December 2019 (from 60.1 in November 2019) which was propelled by expansion in new orders – the index increased to 61.5 in December 2019 (from 59.4 in November 2019). Producers stimulated demand as their selling prices grew slower (output price index declined to 51.9 from 53.1) even as costs of production expanded slower, but marginally shrinking producers’ margins, (input price index fell to 59.2 from 59.3).

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