CBN Report: Economy contracted in May, manufacturing worst hit

Of the 14 surveyed subsectors, only the electrical equipment sector reported growth (above 50 per cent threshold) in the review month, while the remaining 13 subsectors reported declines in the following order : cement; petroleum and coal products; printing and related support activities.

Others are furniture and related products; textile, apparel, leather and footwear; paper products; fabricated metal products; food, beverage and tobacco products; chemical and pharmaceutical products; transportation equipment; plastics and rubber products; non-metallic mineral products; appliances and components and primary metal.

The report also showed that one subsector recorded increased production level, four remained unchanged, while nine subsectors recorded declines in production in the month.


“The manufacturing supplier delivery time index stood at 65.2 points in May 2020, indicating growth in supplier delivery time. The index recorded growth from the contraction level of March,” the report states.