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Financial News: Indonesia Manufacturing Sector Accelerates In January - S&

Indonesia Manufacturing Sector Accelerates In January - S&P

01/31/2024 - 20:35:00 (RTTNews)

(RTTNews) - The manufacturing sector in Indonesia continued to expand in January, and at a faster rate, the latest survey from S&P Global revealed on Thursday with a manufacturing PMI score of 52.9.

That's up from 52.2 in December, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Manufacturing production rose again at the start of the year, expanding for a twentieth straight month in January. Moreover, the rate of growth accelerated to the fastest in two years and was solid overall. The upturn was attributed to a faster rise in new orders as overall demand conditions improved and customer bases increased. Foreign demand improved as well, but the pace of new export order growth was only marginal.

Higher sales and production led Indonesian manufacturers to raise their purchasing activity at the start of the year. The rate at which input buying expanded was the quickest in five months and contributed to a further accumulation of pre-production inventories among firms.

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