Most firms remained hopeful that the COVID-19 situation will be brought under control. (Photo: medcom.id)
Most firms remained hopeful that the COVID-19 situation will be brought under control. (Photo: medcom.id)

Indonesia's Manufacturing Sector Expansion Slows in February: IHS Markit

English covid-19 manufacturing indonesian economy
Wahyu Dwi Anggoro • 01 March 2022 11:37
Jakarta: Indonesia’s manufacturing sector continued to expand in February, but the rate of expansion eased notably since January, according to the latest IHS Markit PMI™ data.
 
The IHS Markit Indonesia Manufacturing Purchasing Managers’ Index™ (PMI™) posted 51.2 in February, down from 53.7 in January. 
 
This represented a sixth straight month of improving business conditions across the Indonesian manufacturing sector, though the latest improvement was the slowest seen over this period. 

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"The recent surge in COVID-19 infections weighed heavily on Indonesia’s manufacturing sector performance in February, according to the latest IHS Markit Indonesian Manufacturing PMI. Client demand and production schedules were both
dampened by the latest developments, including additional restrictions to contain the virus," IHS Markit Economics Associate Director Jingyi Pan said in a press release on Tuesday.
 
"The good news had been the resilience seen in employment and buying activity. At the same time, price pressures eased when compared to January, offering some relief for manufacturers. It will be important to watch how prices data will develop when the latest COVID-19 Omicron wave turns a corner, with risks that pent-up demand may drive up prices once again," Pan added.
 
According to IHS Markit data, business confidence in the Indonesian manufacturing
sector fell to the lowest level in 21 months. 
 
However, most firms remained hopeful that the COVID-19 situation will be brought
under control, enabling the economy to improve. 
 
"Overall manufacturing sector sentiment took a hit in February, but firms remained broadly positive, with hopes for the virus situation to stabilise," Pan said.
 
"First quarter GDP growth is expected to take a hit, but we expect GDP to expand by 5.1% in 2022," Pan added.
 
(WAH)
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