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PMI report indicates contraction in 70% of economic subsectors
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Central Bank of Nigeria (CBN) said that 70 percent of the sub-sectors surveyed for its monthly Purchasing Managers Index (PMI) experienced contraction in December.
The report showed that out of 31 sub-sectors surveyed, 22 recorded contraction while nine recorded growth.
This represents a downward trend when compared to the November survey. Out of the 31 sub-sectors surveyed in November, 20 recorded contraction while 11 recorded growth.
The CBN report stated: “The Manufacturing PMI in the month of December stood at 49.6 index points, indicating a contraction from the expansionary level recorded in the month of November 2020. Of the 14 surveyed subsectors, four subsectors reported expansion (above 50% threshold) in the review month in the following order: Transportation equipment, Nonmetallic mineral products, Paper products and Food, beverage & tobacco products.