PMI Manufacturing Indonesia Strengthens in Early 2024

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Adi Ahdiat 28/02/2024 16:05 WIB

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Indonesia's Manufacturing PMI score in January 2024 reached 52.9, up from December 2023. This reflects an acceleration in the growth of the national manufacturing industry.

Indonesia Manufacturing Purchasing Managers' Index (PMI) (January 2020-January 2024)

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Indonesia Manufacturing Purchasing Managers' Index (PMI) (January 2020-January 2024)

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Indonesia's manufacturing industry strengthened in early 2024. This is evident from the Purchasing Managers' Index (PMI) released by the financial intelligence firm S&P Global.

The PMI is an index reflecting the monthly growth of a specific industry. This index is compiled based on a survey of managers from hundreds of sample companies.

Surveyed variables include growth in production volume, export and domestic orders, workforce size, supplier delivery times, and purchased material stock levels for each company.

The survey results are then processed into a score on a scale of 0-100. A score below 50 reflects a decline; a score of 50 indicates stability or no change; and a score above 50 indicates strengthening or expansion compared to the previous month.

In January 2024, Indonesia's manufacturing PMI score reached 52.9, up from 52.2 in December 2023.

This increase in score reflects an acceleration in the growth of the national manufacturing industry.

According to Jingyi Pan, an economist at S&P Global, the acceleration in growth at the beginning of the year mainly occurred in order and supply levels, which then also boosted production levels.

"This January's PMI data shows encouraging signs regarding the improvement of Indonesia's manufacturing sector," said Jingyi Pan in her report (February 1, 2024).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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PMI Manufacturing Indonesia Strengthens in Early 2024

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