Economic activities in manufacturing, production, new others and other indices contracted in May after recording at least 36 months of consecutive growth.
The statistics department of the Central Bank of Nigeria disclosed this in its Purchasing Managers Index survey report for the month of May 2020.
Of the 14 surveyed subsectors, only the electrical equipment sector reported growth in the review month, while the remaining 13 subsectors reported declines in the following order of cement; petroleum & coal products; printing & related support activities. At 44.5 points, the CBN stated that production level index for the manufacturing sector declined in May 2020 after 37 consecutive months of recorded growth.
At 42.8 points, the new orders index declined after 36 consecutive months of growth, indicating declines in new orders in May 2020.
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