Iran’s new PMI data for the fiscal month of Esfand (February 20 – March 19, 2024), released by the country’s Chamber of Commerce, has marked a 10-month high.
The new PMI rose by a slight 0.74 points in the month under review to settle at 55.79.
Although the PMI was on an upward trajectory, it saw a slighter increase in comparison to the same month of last year largely due to growing forex rate and concurrence with the fasting month of Ramadan.
Findings of this survey suggest that growing forex rate has increased the cost of raw material supplies, forcing the companies to increase the prices of their products.
Heightened political and economic uncertainty has made it difficult for companies to predict future conditions and make plans.
The Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture, the sponsor and coordinator of the survey, announces the whole economy PMI data in a report every month.
The headline PMI is a number from 0 to 100, such that over 50 shows an expansion of the economy when compared with the previous month. A PMI reading under 50 indicates contraction and a reading of 50 implies no change.
PMI is an index of the prevailing direction of economic trends, aiming to provide information about business conditions to company directors, analysts and purchasing managers.
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The “business activities” sub-index was reported at 60.41 in the month under review to register its highest in ten months.
The “raw material price” sub-index (77.50) also registered a ten-month high.
The “price of goods and services” sub-index also registered its highest in three months to settle at 55.57.
The “finished goods inventory” sub-index (45.43) has fallen with a lower slope in comparison to 49.78 reported in the previous fiscal month, posting a 12-month low.
The “sales of goods and services” sub-index was also reported at 59.31, registering its highest over the past 10 months.
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INDEX
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Dey1402 (Dec2023-Jan2024)
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Bahman1402 (Jan-Feb2024)
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Esfand1402 (Feb-Mar2024)
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PMI
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50.84
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55.05
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55.79
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business activities
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49.50
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57.06
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60.41
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new orders
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51.71
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58.18
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54.16
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suppliers’ delivery time
|
54.28
|
55.10
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57.87
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raw material inventory
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49.85
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52.12
|
55.66
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|
employment
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49.12
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49.27
|
50.97
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raw materials price
|
68.75
|
68.80
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77.50
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finished goods inventory
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50.03
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49.78
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45.43
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exports of goods and services
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47.77
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49.36
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53.87
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price of goods and services
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53.40
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54.89
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55.57
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consumption of energy carriers
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60.84
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55.13
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51.81
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sales of goods and services
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48.23
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58.72
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59.31
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expectations for next month economic activities
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63.94
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56.59
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36.98
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