Manufacturing in Nigeria expanded for a third month in June, indicating that the sector is still providing support to growth, although the rate of expansion slowed compared to the previous month.
This is according the FBN capital manufacturing Purchasing Managers Index (PMI).
The index shows a reading of 52.0 for June falling 180 basis points from the 53.8 posted in May.
Fifty is the dividing line between growth and contraction.
Manufacturing which accounts for about 10 percent of the Nigerian economy, has been finding support recently as the demographic growth and rising incomes spurs demand for fast moving consumer goods, cement , appliances and home-decor items.
The PMI index is based on the responses of a number of manufacturing companies to set questions on core variables in their businesses.
Source: Channels TV.
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