The Sales Managers Index: Nigeria
Recession Deepens as Market Growth Nosedives in October
Jobs loses worsen as recession takes hold
Price increases ease to 8 month low but inflation still rampant
Managers remain optimistic for the future despite market challenges
October data indicates that the recession gripping Nigeria deepened as the monthly Sales and Market Growth Indexes slumped to new record lows. The Market Growth Index dropped to a value of 39.7 in October from 43.5 in September. To meet market challenges, businesses are laying off employees at a greater rate. The Staffing Levels Index fell to a new low of 34.3 in October. Price inflation for goods and services hit a peak in August and the Prices Charged Index has continued to ease back further in October to 62.0. This level is congruent with significant levels of inflation but at a slightly lower rate than the 0.8% (MnM) rise reported by the National Statistics Office on October 14th. Overall, the Nigerian economy continues to suffer from declining economic growth, high inflation and severe job losses. Latest data suggests that conditions are unlikely to improve dramatically during the remainder of the year.
Recession Deepens as Market Growth Nosedives in October
Jobs loses worsen as recession takes hold
Price increases ease to 8 month low but inflation still rampant
Managers remain optimistic for the future despite market challenges
October data indicates that the recession gripping Nigeria deepened as the monthly Sales and Market Growth Indexes slumped to new record lows. The Market Growth Index dropped to a value of 39.7 in October from 43.5 in September. To meet market challenges, businesses are laying off employees at a greater rate. The Staffing Levels Index fell to a new low of 34.3 in October. Price inflation for goods and services hit a peak in August and the Prices Charged Index has continued to ease back further in October to 62.0. This level is congruent with significant levels of inflation but at a slightly lower rate than the 0.8% (MnM) rise reported by the National Statistics Office on October 14th. Overall, the Nigerian economy continues to suffer from declining economic growth, high inflation and severe job losses. Latest data suggests that conditions are unlikely to improve dramatically during the remainder of the year.
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| http://www.worldeconomics.com/SMI/Nigeria-SalesManagersIndex.efp |
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