Manufacturing PMI improved in January recording an index value of 58.7 with an increase of 0.6 index points compared to December 2021.
This was mainly attributable to the improvements recorded in new orders, production with the recovery in employment during the month.
Further, stock of purchases increased while suppliers’ delivery Time lengthened on a month-on-month basis.
The expansion in New Orders, Production and Stock of Purchases, particularly in the manufacture of textile and wearing apparel and food and beverage sectors, have mainly contributed to the improvement in the PMI.
Although the employment sub-index recovered to positive territory in January, the employment sub-index with respect to the manufacture of textile and wearing apparel sector continued to decline, reflecting the difficulty in attracting employees to the sector.