In May 2023, Purchasing Managers Indices indicated an expansion in Services activities and a contraction in Manufacturing activities.
Manufacturing PMI declined in May 2023, yet at a slower rate, indicating a month-on-month contraction in manufacturing activities. Accordingly, Manufacturing PMI recorded an index value of 46.2 in May, driven by decreases recorded in all the sub-indices.
Services sector PMI returned to the growth territory recording an index value of 53.5 in May 2023 following the marginal drop observed in the previous month. This was led by the increases observed in New Businesses, Business Activities and Expectations for Activity. Nevertheless, Employment and Backlogs of Works continued to decrease during the month.
Published Date:
Thursday, June 15, 2023