Manufacturing and Service PMI increase
Manufacturing PMI recorded an index value of 49.3 in August 2023, reaching closer to the neutral threshold, indicating signs of a recovery in manufacturing activities compared to previous months.
Considering the sub-indices, New Orders and Suppliers’ Delivery Time increased during the month, while Production and Employment remained contracted. The overall increase in New Orders was mainly driven by the manufacture of food & beverages sector, in response to the continuous downward revisions in retail prices. Further, most of the respondents in the manufacturing of food & beverages sector mentioned that there was an upturn in their overall business activities during the month.
Meanwhile, the continuous setback in Production was headed primarily by the manufacture of textiles and the wearing apparel sector due to the ongoing subdued global demand.
Expectations for manufacturing activities for the next three months indicated an improvement.