Manufacturing PMI signals a continued setback in January 2023. Accordingly, the index fell to 40.8, driven by the decrease in all the sub-indices, except Suppliers’ Delivery Time. Services PMI recorded an index value of 50.2, remaining slightly above the threshold level.
The decline in New Orders and Production was mainly attributable to the subdued demand condition observed, particularly in the manufacture of food & beverages, and textiles & wearing apparel sectors.
Service PMI is narrowly above the 50 level underpinned by the improvements observed in New Businesses, Business Activities and Expectations for Activity. New Businesses improved at a faster pace in January 2023 compared to December 2022, particularly with the increases observed in financial services, education, and real estate sub-sectors.