Dhaka:Bangladesh's economy demonstrated resilience in September, with agriculture expanding for the 13th consecutive month and positive future business expectations across major sectors.
According to Bangladesh Sangbad Sangstha, the Bangladesh Purchasing Managers' Index (PMI) for September, released by the Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka and Policy Exchange Bangladesh (PEB), indicated an overall PMI of 48.6. This reflects an adjustment period in economic activity.
The PMI report highlighted agriculture as a key economic strength, with the sectoral PMI at 55.2, marking sustained growth in new business, activity, and employment. This expansion underscores agriculture's crucial role in supporting the broader economy amid cost pressures.
In the manufacturing sector, the PMI was 44.8, indicating contraction, yet showing resilience with marginal employment growth. Construction and services recorded PMIs of 48.5 and 49.0, respectively, suggesting potential momentum as demand conditions improve.
Despite challenges like high fuel prices, rising costs, and limited financing, businesses expect improved activity supported by confirmed orders and seasonal demand. The Future Business Index showed expansion in all four sectors, signaling business confidence and positive expectations.
The PMI findings suggest that while the economy is adjusting, resilience in agriculture and proximity to expansion in other sectors provide a basis for gradual economic strengthening. The report emphasized the importance of addressing energy supply, financing access, and cost pressures to enhance growth momentum.
The PMI initiative, developed by MCCI and PEB with UK Government support and technical assistance from the Singapore Institute of Purchasing and Materials Management, offers timely economic insights to guide businesses, investors, and policymakers.