Mozambique Composite PMI

Last Release

Jul 31, 2024

Actual

50.6

Units In

Points

Frequency

Monthly

Next Release

Oct 03, 2024

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
52.9 Jun 2021	37.1 Apr 2020	49.85 Points	2019-2024	Markit Economics

The Standard Bank Mozambique PMI™ is compiled by IHS Markit from responses to questionnaires sent to purchasing managers in a panel of around 400 private sector companies. The panel is stratified by detailed sector and company workforce size, based on contributions to GDP. The sectors covered by the survey include agriculture, mining, manufacturing, construction, wholesale, retail and services. Survey responses are collected in the second half of each month and indicate the direction of change compared to the previous month. A diffusion index is calculated for each survey variable. The index is the sum of the percentage of ‘higher’ responses and half the percentage of ‘unchanged’ responses. The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. The indices are then seasonally adjusted. The headline figure is the Purchasing Managers’ Index™ (PMI). The PMI is a weighted average of the following five indices: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%). For the PMI calculation the Suppliers’ Delivery Times Index is inverted so that it moves in a comparable direction to the other indices.

Latest Updates

The Standard Bank Mozambique PMI fell to 50.3 in September 2024, down from 50.9 in August, marking the softest growth in the current expansion sequence. This slowdown was primarily attributed to a moderate increase in new orders and business activity amid weaker demand, constrained financial resources, and decreasing imports. Consequently, purchasing activity declined for the first time since April, resulting in a slight increase in backlogs, the second-fastest rise in over two years. Job creation also slowed, reflecting the weakest employment growth in five months. On prices, input cost inflation remained one of the strongest rates this year due to higher material prices and unfavorable exchange rates, pushing output charges to their fastest increase since June, though still much slower than the survey’s long-term trend. Finally, output expectations among Mozambican firms softened in September, reaching some of the weakest levels recorded since early 2023.