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Manufacturing PMI turned positive in March 2023, after nine consecutive survey rounds, recording an index value of 51.4. This month-on-month expansion was driven by the increase in New Orders and Production sub-indices mainly due to the seasonal demand. However, Employment, Stock of Purchases and Suppliers’ Delivery Time sub-indices remained below the neutral threshold.
The increase in New Orders and Production was mainly driven by the manufacture of food & beverages sector, where many respondents mentioned that they experienced a relatively higher demand compared to previous months to cater for the upcoming festive season. However, Employment continued to decline mostly due to non-replacement of retirements and resignations. Further, Stock of Purchases declined in March as well, since some firms used their stocks of raw materials delaying new purchases with the anticipation of a decline in raw material prices in the period ahead. Meanwhile, Suppliers’ Delivery Time was slightly shortened during the month.
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