Nigeria - PMI Services

The Central Bank of Nigeria composite PMI for the non-manufacturing sector increased to 60.1 in November 2019 from 58.2 in the previous month. The reading pointed to the quickest expansion in the services sector since January, driven by business activity (60.7 from 57.9 in October); new orders (60.7 from 58.5); employment (58.4 from 57.1) and inventories (61.5 from 59.2). Also, export orders fell at a softer pace (41.6 from 40.4). In terms of prices, input inflation continued to climb (54.6 from 52.2).

The Central Bank of Nigeria composite PMI for the non-manufacturing sector increased to 58.2 in October 2019 from 58.0 in the previous month. Business activity (57.9 from 58.2 in September), new orders (58.5 from 58.4) and inventories (59.2 from 58.5) continued to advance at a solid pace. Meanwhile, a deterioration was seen in employment (57.1 from 58.0) and export orders (40.4 from 42.4). In terms of prices, input inflation quickened (52.2 from 51.9).

The Central Bank of Nigeria composite PMI for the non-manufacturing sector fell to 58.0 in September 2019 from 58.8 in the previous month. The reading pointed to the slowest expansion in the country's services sector since last October, amid softer rises in business activity (57.2 from 58.2 in August), new orders (58.4 from 59.6) and inventories (58.5 from 59.8). Also, export orders decreased faster (42.4 from 44.1) while imports fell at a slower pace (45.7 from 45.2). On a more positive note, employment increased further (58.0 from 57.8). In terms of prices, input cost inflation edged higher (51.9 from 51.2).

The Central Bank of Nigeria composite PMI for the non-manufacturing sector rose to 58.8 in August 2019 from 58.7 in the prior month. The reading pointed to the strongest expansion in the country's services sector since May, as business activity (58.2 from 57.6 in July) and inventories (59.8 from 58.9) increased faster. On the other hand, slower rises were seen in new orders (59.6 from 60.1) and employment (57.8 from 58.0). At the same time, export orders (44.1 from 42.0) and backlogs of work (45.1 from 41.4) declined less. In terms of prices, input inflation fell slightly (51.2 from 51.7).

The Central Bank of Nigeria composite PMI for the non-manufacturing sector edged up to 58.7 in July of 2019 from 58.6 in the previous month. New orders (60.1 vs 59.2 in June) and inventories (58.9 vs 58.8) went up at a faster rate while business activity (57.6 vs 58.2) and employment (58 vs 58.3) increased less. On the other hand, new export orders (42 vs 43) and imports (43.9 vs 45.3) dropped further. Meantime, average input price inflation slowed (51.7 vs 52.1).

The Central Bank of Nigeria composite PMI for the non-manufacturing sector fell slightly to 58.6 in June 2019 from 58.9 in the previous month. The reading pointed to the twenty-sixth month of expansion in the services sector, but marking the slowest growth since March, as business activity (58.2 from 59.2 in May); employment (58.3 from 58.5) and inventories (58.8 from 59.3) rose less. Meanwhile, export orders decreased at a softer pace (43 from 39.8). In terms of prices, input price inflation (52.1 from 51.3) was higher.