Indonesia's Manufacturing Sector Remains Sluggish Until October 2024

Economics & Macro

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Adi Ahdiat 07/11/2024 14:29 WIB

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According to a report by S&P Global, Indonesia's manufacturing sector was sluggish during July-October 2024, reflected in the manufacturing PMI score consistently remaining below 50 points throughout

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

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

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According to S&P Global's report, Indonesia's manufacturing sector experienced a downturn from July to October 2024.

This condition is reflected in the manufacturing Purchasing Managers' Index (PMI) score, which remained below 50 points during that period.

Note that the PMI is an index reflecting the monthly growth performance of the industry. This index is compiled from a survey of managers from hundreds of sample companies.

Surveyed variables include growth in production volume, export and domestic orders, workforce size, supply delivery times, and the stock of materials purchased by each company.

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

Indonesia's manufacturing PMI score, which stood at 49.2 in October 2024, was influenced by a decline in orders.

"Output and new orders fell slightly in October, extending the period of decline that has lasted for the past four months," said the S&P Global team in a press release on Friday, November 1, 2024.

"The sluggish business conditions prompted companies to reduce their factory staff an average of three times in the past four months," it continued.

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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