Purchasing Managers Indices indicated an expansion in Services activities and a contraction in Manufacturing activities in July 2023.
Manufacturing PMI continued to decline in July 2023, recording an index value of 44.6, indicating a delay in the recovery of manufacturing activities. This setback was contributed by the subdued performance observed in all the sub-indices.
Services sector PMI increased further to record an index value of 59.5 in July 2023, indicating continued expansion in the services activities. This was led by the increases observed in New Businesses, Business Activities, Employment and Expectations for Activity. Nevertheless, Backlogs of Works remained contracted during the month.
Published Date:
Tuesday, August 15, 2023