The Central Bank of Nigeria composite PMI for the non-manufacturing sector increased to 62.1 in December 2019 from 60.1 in the previous month. The reading pointed to the fastest expansion in the services sector since December last year, driven by business activity (62.6 from 60.0 in November); new orders (61.9 from 60.7); employment (60.8 from 58.4) and inventories (63.1 from 61.5). Also, export orders shrank less (43.2 from 41.6). On the price front, input inflation quickened (56.0 from 54.6).
Services Pmi in Nigeria averaged 53.35 points from 2014 until 2019, reaching an all time high of 62.30 points in December of 2018 and a record low of 41 points in September of 2016. This page provides - Nigeria Services Pmi- actual values, historical data, forecast, chart, statistics, economic calendar and news. source: Central Bank of Nigeria
Services Pmi in Nigeria is expected to be 58.80 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services Pmi in Nigeria to stand at 58.10 in 12 months time. In the long-term, the Nigeria Non Manufacturing PMI is projected to trend around 61.70 points in 2020, according to our econometric models.