Services sector PMI continues to expand

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. New Businesses increased in October 2023 compared to September 2023, particularly with the increases observed in financial services, wholesale and retail trade, other personal activities and insurance sub-sectors.

Business Activities also expanded at a higher pace in October 2023 attributable to positive developments in most of the sub-sectors. Meanwhile the 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.

New Orders expanded during the month, driven by the manufacture of textiles & wearing apparel sector, mainly attributable to the seasonal demand.

Meanwhile, the decline in Production was mainly due to the manufacture of food & beverages sector, partly owing to the prevailed extreme weather conditions.

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