The PMI is based on monthly surveys of carefully selected companies representing major and developing economies worldwide. The index provides an advanced signal of what is really happening in private sector economies by tracking variables such as output, new orders, employment and prices.
It provides insight into economic conditions across the manufacturing and service sectors, with national PMI readings for the respective sectors based on responses from panels of senior purchasing executives at more than 400 companies for each survey.
Each survey panel is carefully formed to accurately represent the true structure of that country and sector.
Respondents are asked to state whether business conditions across a number of variables have improved, deteriorated or stayed the same compared with the previous month.
Reasons for any changes are also collected, providing additional insight into trends.
According to the Chief Executive of Stanbic Bank Ghana, Alhassan Andani, Stanbic Bank is committed to adding value to the lives of its customers and stakeholders by providing key stakeholders with reliable, relevant and timely information to help them make informed financial decisions.
“The PMI is one of the most recognised economic indicators in the world and it is widely used by governments, central banks, financial institutions, investors and corporates in determining purchasing behaviour and tracking economic indicators. We believe that such an important document will be of interest to people who are involved with economic data.” he said.
The PMI is the only comprehensive source of sector economic data, and because the surveys are based on facts, they produce highly reliable economic indicators.
In addition to providing national macroeconomic indicators, PMI data are also available for detailed sectors of the economy, allowing specific industry trends to be monitored on a global (and regional) basis. The PMI is supported by Stanbic Bank, Ghana.
Credit: The Finder