Bangladesh鈥檚 overall Purchasing Managers鈥� Index聽score in May saw an increase of 6.0 points from April to reach 58.9.
The Metropolitan Chamber of Commerce and Industry, Dhaka and the Policy聽Exchange Bangladesh on Sunday released the Bangladesh PMI May聽report, said a press release.聽
The PMI is a pioneering initiative that aims to offer timely and accurate聽insights into the country鈥檚 economic health to help businesses, investors and聽policy makers take informed decisions.聽
It was developed by the MCCI and Policy Exchange, with support from the UK聽government and technical support from Singapore Institute of Purchasing and聽Materials Management.
The May reading of the Bangladesh PMI advanced 6.0 points from the previous聽month to record a faster expansion rate at 58.9.聽
This latest PMI reading was attributed to a faster rate of expansion posted聽by the sectors of agriculture, manufacturing and services, whereas the聽construction sector posted no change.
The agriculture sector posted its eighth consecutive month of expansion and聽at a faster rate. The sector posted faster expansion rates for the indexes of聽new business, business activity, employment, input costs and the order聽backlogs index reverted to an expansion.聽
The manufacturing sector posted its 9th month of expansion and at a faster聽rate. The sector posted expansion readings for most indexes except for the聽order backlogs index, which posted a slower contraction rate and had recorded聽contractions for 10 consecutive months.
The construction sector posted its sixth month of expansion, with no change聽from the previous month.
The sector posted a faster expansion reading for the聽construction activity index, but a slower expansion reading for the input聽costs index.聽
Both the indexes of new business and employment reverted to a contraction,聽whereas the order backlogs index reverted to an expansion.
The services sector posted its eighth month of expansion, and at an聽accelerated pace. The sector posted faster expansion rates for the indexes of聽new business and input costs, but a slower expansion reading for the聽employment index. Both the indexes of the business activity and the order聽backlogs reverted to an expansion.
In terms of the future business index, slower expansion rates were recorded聽for the indexes of manufacturing, construction, and services, whereas the聽agriculture index posted a faster expansion rate.
鈥楾he latest PMI readings indicate that the overall Bangladesh economy grew at聽a faster rate, riding on the export-led manufacturing buoyancy and uptake in聽agriculture and its supply chain ahead of Eid festival. Construction sector聽however remains the only sector without any growth in expansion,鈥� said Masrur聽Reaz, chairman and chief executive officer of the Policy Exchange of聽Bangladesh.
