The Standard Bank Mozambique PMI inched higher to 50.8 in December 2019 from 50.7 in November. Output rose further and new orders growth increased at joint-softest rate for 19 months. Meantime, the rate of job creation strengthened to a 30-month high as hopes for greater business activity in the coming year were most upbeat since the end of 2017. On the price front, overall input cost inflation was broadly unchanged, while output prices dropped for the third month running, and the fastest rate on record. Looking ahead, business sentiment was the strongest in two years, mainly due to expectations of new projects and company investment. source: Markit Economics

Composite Pmi in Mozambique is expected to be 50.80 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Composite Pmi in Mozambique to stand at 53.50 in 12 months time. In the long-term, the Mozambique Standard Bank PMI is projected to trend around 54.30 in 2020, according to our econometric models.

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Mozambique Standard Bank PMI

Actual Previous Highest Lowest Dates Unit Frequency
50.80 50.70 52.80 49.90 2019 - 2019 points Monthly

News Stream
Mozambique Private Sector Growth Remains Weak
The Standard Bank Mozambique PMI increased to 50.7 in November 2019 from 50.3 in October, still pointing to the second-weakest expansion in the country's private sector in seven months. Output rose slightly, following the first reduction in 15 months in the previous month and new orders growth remained subdued despite accelerating slightly from October. Meantime, the rate of job creation was the fastest in eight months and the second-quickest in nearly two-and- a-half years which helped backlogs of work to decline further. On the price front, cost burdens increased at a softer and moderate pace, while output prices dropped for the second month running. Looking ahead, business sentiment hit an 8-month high, as companies believed they were well-positioned to expand the company.

Mozambique Private PMI Falls to 6-Month Low
The Standard Bank Mozambique PMI declined to 50.3 in October 2019 from 51.1 in August, pointing to the weakest expansion in the country's private sector since April. Output fell for the first time in 15 months and new orders growth weakened to a 16-month low, amid reports of a lack or raw materials and also subdued market conditions linked to the national election. Meantime, employment increased at a marginal pace that was the weakest in 6 months. Meanwhile, backlogs were cleared at the sharpest rate since July 2018. On the price front, cost burdens increased solidly, while output prices fell at the fastest pace on record. Looking ahead, business sentiment remained positive, as companies expected an increase in output amid new marketing strategies, products and branch opening.

Mozambique Private PMI Falls to 5-Month Low
The Standard Bank Mozambique PMI declined to 51.1 in September 2019 from 51.8 in August. The reading pointed to the weakest expansion in the country's private sector since April, as output rose further but only fractionally, marking the weakest upturn since output began to rise just over a year ago. Meantime, new orders grew solidly, and broadly in line with that seen in August. Employment also increased, albeit at a modest pace, due to greater pressure on staff salaries. Meanwhile, backlogs declined for the third straight month, although the latest reduction was marginal. On the price front, input prices increased due to higher demand for raw materials while output prices were unchanged. Looking ahead, confidence rose notably, as companies expect that business development and economic growth would improve in the next 12 months, despite the recent slowdown.

Mozambique Standard Bank PMI at 4-Month Low
The Standard Bank Mozambique PMI declined to 51.8 in August 2019 from 52.8 in July. The reading pointed to the weakest expansion in the country's private sector since April, as output and new order grew at softer rate. Employment also increased, albeit at a modest pace that was slightly softer than in the previous three months. Meantime, backlogs declined for the second straight month, due to weaker new order growth. On the prices front, input prices increased at one of the slowest paces in the series history, due to a subdued uptick in purchasing costs. Meantime, output prices continued to rise solidly, although the rate of inflation slowed from July's recent high. Looking ahead, confidence remained positive.

Mozambique Private Sector Growth Fastest since 2015
The Standard Bank Mozambique PMI rose to 52.8 in July 2019 from 52 in June. The reading pointed to the strongest expansion in the country's private sector since November 2015. Output and new order growth hit 21-month highs, with new contracts and shop openings as well as an improvement in weather conditions pointed as main factors. Employment also increased, albeit at a modest pace that was slightly softer than in the previous two months. Meantime, purchasing activity was up sharply in July, with firms raising input buying at the strongest rate in the year-to-date. Regarding prices, inflated input costs led companies to raise selling prices at a solid rate. Moreover, the rate of inflation was the quickest recorded since March 2018. Looking ahead, future sentiment weakened to near three-year low.

Mozambique Private Sector Growth Eases in June
The Standard Bank Mozambique PMI dropped to 52 in June 2019 from 52.3 in a month earlier, though marking the second-strongest expansion for 21 months. New orders growth was solid but eased slightly from May's recent peak while output expanded further, amid reports of stronger sales activity and improving weather conditions. Meantime, employment rose modestly, extending the current sequence of growth to six months. Also, input buying went up further, following a drop in stock levels for the second straight month. Regarding prices, input costs continued to increase, despite the drop in purchasing costs for first time in over a year. Still, businesses raised their selling charges. Looking ahead, sentiment remained optimistic.

Mozambique Standard Bank PMI
The Standard Bank Mozambique PMI™ is compiled by IHS Markit from responses to questionnaires sent to purchasing managers in a panel of around 400 private sector companies. The panel is stratified by detailed sector and company workforce size, based on contributions to GDP. The sectors covered by the survey include agriculture, mining, manufacturing, construction, wholesale, retail and services. Survey responses are collected in the second half of each month and indicate the direction of change compared to the previous month. A diffusion index is calculated for each survey variable. The index is the sum of the percentage of ‘higher’ responses and half the percentage of ‘unchanged’ responses. The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. The indices are then seasonally adjusted. The headline figure is the Purchasing Managers’ Index™ (PMI). The PMI is a weighted average of the following five indices: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%). For the PMI calculation the Suppliers’ Delivery Times Index is inverted so that it moves in a comparable direction to the other indices.

Mozambique Business Last Previous Highest Lowest Unit
Business Confidence 92.80 92.50 109.18 86.60 points [+]
Industrial Production 3.60 7.40 38.20 -12.70 percent [+]
Industrial Production Mom 13.60 12.40 24.10 -32.50 percent [+]
Internet Speed 2364.38 2690.05 2690.05 235.88 KBps [+]
IP Addresses 60570.00 57816.00 99773.00 6811.00 IP [+]
Leading Economic Index 2.50 -3.10 17.70 -15.80 percent [+]
Mining Production 1.30 -4.90 204.50 -34.80 percent [+]
Changes In Inventories 137898.00 46858.90 137898.00 -3739.60 MZN Million [+]
Competitiveness Index 38.08 39.75 41.90 3.01 Points [+]
Competitiveness Rank 137.00 133.00 138.00 119.00 [+]
Composite Pmi 50.80 50.70 52.80 49.90 points [+]
Ease of Doing Business 138.00 135.00 142.00 128.00 [+]
Corruption Index 23.00 25.00 35.00 22.00 Points [+]
Corruption Rank 158.00 153.00 158.00 56.00 [+]