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Indonesia PMI February 2024

Indonesia: Manufacturing PMI remains upbeat in February

The S&P Global Indonesia Manufacturing Purchasing Managers’ Index (PMI) fell to 52.7 in February from 52.9 in January. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in manufacturing sector operating conditions compared to the previous month.

The latest figure was primarily driven by a solid increase in production and a further rise in new orders, which led manufacturers to boost their purchasing activity, inventories and workforce numbers. Despite a stagnation in foreign demand, domestic demand remained strong.

February saw significant price pressures, with input prices experiencing the sharpest increase since November 2022 due to higher raw material and financing costs. In response, Indonesian manufacturers raised their selling prices. Meanwhile, business sentiment in the manufacturing sector remained positive, but this optimism lagged behind the historical trend.

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