Dhaka: The October reading of the Bangladesh Purchasing Managers’ Index (PMI) gained 2.7 points from the previous month to post a faster expansion rate at 61.8. This latest PMI reading was attributed to a faster expansion rate for all the key sectors of agriculture, manufacturing, construction, and services.
According to Bangladesh Sangbad Sangstha, the Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka and Policy Exchange Bangladesh (PEB), released the Bangladesh Purchasing Managers’ Index (PMI) October report today. The agriculture sector posted its second month of expansion, and at a faster rate. The sector posted faster expansion readings for the indexes of new business, business activity, and input costs, and the employment index reverted to an expansion reading. However, the order backlogs index posted a faster contraction rate.
The manufacturing sector posted its fourteenth month of expansion, and at a faster rate. The sector posted expansion readings for the indexes of new orders, new exports, factory output, input purchases, finished goods, imports, input prices, employment, and supplier deliveries. However, the order backlogs index posted a faster contraction rate, said a press release.
The construction sector posted its second month of expansion, and at a faster rate. The sector posted expansion readings for the indexes of new business, construction activity, employment, and input costs. The order backlogs index posted a slower contraction rate.
The services sector posted its thirteenth month of expansion, and at a faster rate. The sector posted expansion readings for the indexes of new business, business activity, employment, and input costs. The order backlogs index reverted to an expansion reading after recording two months of contraction readings.
In terms of the future business index, slower expansion rates were recorded for all key sectors of agriculture, manufacturing, construction, and services. “The latest PMI readings indicate that the overall Bangladesh economy continued to expand, primarily driven by favorable crop conditions and expectations of a good harvest in the agricultural sector. Other sectors of the economy also posted faster expansion rates, going into the final quarter of the year, with monthly growth in exports and inflation gradually waning,” said Dr. M Masrur Reaz, Chairman and CEO, Policy Exchange Bangladesh.
The PMI is a pioneering initiative that aims to offer timely and accurate insights into the country’s economic health to help businesses, investors, and policymakers make informed decisions. It was developed by MCCI and Policy Exchange, with support from the UK Government and technical support from the Singapore Institute of Purchasing and Materials Management (SIPMM).