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Indonesia: Manufacturing PMI falls to fresh record low in March

April 1, 2015

The manufacturing Purchasing Managers’ Index (PMI) ticked down from 47.5 in February to 46.4 in March, according to a release provided by HSBC. March’s result marked the lowest level in the survey’s four-year history. Moreover, the index is now further below the 50-threshold, which indicates contraction in the manufacturing sector.

March’s figure reflected a sixth straight contraction in both output and new orders, with both falling at the fastest rate on record. Weak domestic and external demand dragged on production and new orders. Backlogs of work fell for a 10th straight month and employment levels fell at the fastest pace in survey history.

According to HSBC, “sharp reductions in domestic and export demand has led to a survey-record drop in manufacturing production during March. Employment also dipped at the fastest pace in four years of data collection, placing the sector in a more delicate position compared to the final quarter of 2014.”

FocusEconomics Consensus Forecast panelists see manufacturing rising 5.3% in 2015, which is down 0.2 percentage points from the previous month’s estimate. For 2016, the panel expects manufacturing to increase 5.8%.


Author:, Economist

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Indonesia PMI March 2015

Note: HSBC Indonesia Manufacturing Purchasing Managers’ Index. Readings above 50 indicate an expansion in the manufacturing sector while readings below 50 indicate a contraction.
Source: HSBC and Markit.


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