Nigeria PMI June 2016

Nigeria

Nigeria: PMI falls to record low in June

July 5, 2016

In June, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) fell from May’s 49.2 to 47.3, the lowest level on record. As a result of June’s deterioration, the indicator dipped further below the 50-threshold that separates contraction from expansion in business conditions.

June’s decrease reflected a fall in new orders and output. On the upside, employment and purchasing activities improved in the same month. Commenting on the result, Markit analysts added that, “The deterioration in economic conditions was perhaps exacerbated by the scarcity of foreign exchange for import-related trade activities, continued disruption to electricity supply as well as higher headline inflation.”

FocusEconomics Consensus Forecast panelists expect gross fixed investment growth to reach 5.5% in 2016, which is down 0.2 percentage points from last month’s forecast. For 2017, panelists forecast an expansion of 6.0%.


Author:, Economist

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Nigeria PMI June 2016 0

Note: Purchasing Managers’ Index. Readings above 50 indicate an expansion in business conditions while readings below 50 point to a contraction.
Source: Stanbic IBTC Bank Nigeria and Markit.


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