ASEAN PMI Manufacturing Early 2024: Indonesia Shows Strength

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Adi Ahdiat 28/02/2024 17:05 WIB

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Indonesia's manufacturing industry is considered strong within ASEAN. This is evident from the national manufacturing PMI score in January 2024, which was higher than that of neighboring countries, se

ASEAN Countries' Manufacturing PMI (December 2023-January 2024)

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ASEAN PMI Manufacturing Early 2024: Indonesia Shows Strength

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ASEAN Countries' Manufacturing PMI (December 2023-January 2024)

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Indonesia's manufacturing industry growth is robust within ASEAN, second only to Singapore.

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 in each country.

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

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, an increase from December 2023. This score increase reflects an acceleration in the growth of the national manufacturing industry.

However, Indonesia's score remains below Singapore's.

In January 2024, Singapore achieved a manufacturing PMI score of 54.7. Although this figure is down from December 2023, the score indicates that Singapore's manufacturing industry remains expansive, on a stronger scale than Indonesia's.

"This January's PMI data reflects the resilience of Singapore's private sector, even though external conditions remain challenging and price pressures are increasing," said S&P Global economist Jingyi Pan in her report (February 5, 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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ASEAN PMI Manufacturing Early 2024: Indonesia Shows Strength

ASEAN PMI Manufacturing Early 2024: Indonesia Shows Strength

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ASEAN PMI Manufacturing Early 2024: Indonesia Shows Strength

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