Manufacturing PMI recorded an index value of 42.3 in February, indicating a continued setback in manufacturing activities on a month-on-month basis. The services sector PMI dropped to an index value of 48.7 in February 2023 indicating a deterioration across the services sector.
In manufacturing, the decline in New Orders and Production was mainly driven by subdued demand observed in the manufacture of food & beverages, and textile-wearing apparel sectors. The service sector decline was driven by the declines observed in New Businesses, Business Activities, Employment, and Backlogs of Work.