SL Purchasing Managers’ Index (PMI) – March 2023

Purchasing Managers’ Indices for both Manufacturing and Services activities returned to positive territory in March 2023.

Manufacturing PMI turned positive in March 2023, after nine consecutive survey rounds, recording an index value of 51.4. This month-on-month expansion was driven by the increase in New Orders and Production sub-indices mainly due to the seasonal demand. However, Employment, Stock of Purchases and Suppliers' Delivery Time sub-indices remained below the neutral threshold. 

The increase in New Orders and Production was mainly driven by the manufacture of food & beverages sector, where many respondents mentioned that they experienced a relatively higher demand compared to previous months to cater for the upcoming festive season. However, Employment continued to decline mostly due to non-replacement of retirements and resignations. Further, Stock of Purchases declined in March as well, since some firms used their stocks of raw materials delaying new purchases with the anticipation of a decline in raw material prices in the period ahead. Meanwhile, Suppliers' Delivery Time was slightly shortened during the month. 


Published Date: 

Monday, April 17, 2023