DHAKA, Sept. 9 (Xinhua) -- The Purchasing Managers' Index (PMI) in Bangladesh dipped to 58.3 in August, down 3.2 points from July, signaling a softer pace of economic expansion in the South Asian country.
According to a recent report, the slowdown reflected weaker growth in both the manufacturing and services sectors, while agriculture and construction slipped back into contraction.
A PMI reading above 50 indicates expansion from the previous month, while one below 50 signals contraction.
The PMI, jointly prepared by the Metropolitan Chamber of Commerce and Industry (MCCI) and Policy Exchange Bangladesh, covers more than 500 private sector firms across agriculture, manufacturing, construction, and services.
Although the August figure was still above 50, pointing to overall expansion, the pace of growth slowed.
The agriculture sector reverted to contraction after recording 10 consecutive months of expansion. It registered weaker readings for new business, business activity, and input costs, while the order backlog index also fell into contraction.
The employment index contracted for the third straight month, though at a slower rate.
By contrast, the manufacturing sector recorded its 12th consecutive month of expansion, but growth was weaker than in July. It showed expansion in new orders, new exports, factory output, input purchases, finished goods, imports, input prices, and supplier deliveries. However, the order backlog index slipped back into contraction, and the employment index contracted for the third month.
Meanwhile, the construction sector fell back into contraction after posting its first expansion in the previous month. ■
