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Financial News: Indonesia Manufacturing Expands Further On Strong Demand

Indonesia Manufacturing Expands Further On Strong Demand

01/02/2023 - 03:26:00 (RTTNews)

(RTTNews) - Indonesia's manufacturing activity continued to expand in December, and at a faster pace than in November, as higher demand supported further growth in new orders, output, purchasing, and employment, survey results from S&P Global showed on Monday.

The seasonally adjusted Purchasing Managers' Index rose to 50.9 in December from 50.3 in November. A reading above 50 indicates expansion in the sector. 

Both output and new orders rose at faster rates amid strong domestic demand. However, foreign demand fell again in December, weighed down by deterioration in global economic conditions.

Backlogged work accumulated at a marginally faster rate than in November, and supply constraints persisted. Manufactures raised their staffing levels for the sixth successive month.

On the price front, input price inflation eased below the series average in December. Nonetheless, the overall inflation rate remained marked, linked to higher raw material, fuel, and currency conversion costs. The selling price inflation softened to a 19-month low.

Looking ahead, business confidence dipped to its lowest level since May 2020 amid concerns over deteriorating global economic conditions.

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