In October 2023, Purchasing Managers’ Indices indicated a softened contraction in Manufacturing activities and an expansion in Services activities.

Manufacturing PMI recorded an index value of 49.5 in October 2023, reaching towards the neutral threshold, during the month. Considering the sub-indices, New Orders and Stock of Purchases increased during the month, while Production and Employment remained contracted.

Services sector PMI recorded an index value of 56.2 in October 2023 indicating continued expansion in the services activities. This was led by the increases observed in New Businesses, Business Activities and Expectations for Activity. Nevertheless, Backlogs of Work and Employment contracted during the month.

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