Nigeria’s private sector concluded the third quarter of 2021, Q3’21, with a modest expansion in business conditions, just as intense cost pressures weigh on growth, according to Stanbic IBTC Purchasing Managers’ Index, PMI, released yesterday.
The report stated that: “Quicker uplifts were seen in new orders, employment and stocks of purchases, but output growth moderated for the second month running. Nevertheless, optimism improved to a seven-month high.“Material scarcity and unfavourable exchange rate movements exerted upward pressures on costs, however, leading to a record rate of purchase price inflation. Subsequently, this fed through to a steep rise in selling prices.
The headline figure derived from the survey is the Purchasing Managers’ Index . Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show deterioration. The headline PMI registered at 52.3 in September, little changed from 52.2 in August, and indicative of a fifteenth consecutive monthly expansion.
Central to the improvement was a solid and accelerated rise in new orders, which panelists mostly linked to the securing of new clients. Contrary to the improvement in domestic sales, exports fell, and at the quickest rate since December amid persisting international COVID-19 restrictions.Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Source: News Formal (newsformal.com)