(MENAFN) Iran's latest Purchasing Managers' Index (PMI) data for the fiscal month of Esfand, spanning from February 20 to March 19, 2024, has been released by the Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA), revealing a notable uptick to reach a 10-month high. According to reports from the ICCIMA portal, the new PMI recorded a modest increase of 0.74 points during the review period, settling at 55.79.
While the PMI displayed an upward trend, the growth observed was slightly subdued compared to the corresponding month of the previous year. This moderation is attributed primarily to the escalating forex rate and the concurrent occurrence of the fasting month of Ramadan. As a consequence of the growing forex rate, the cost of raw material supplies has surged, prompting companies to adjust their product prices accordingly.
Furthermore, heightened levels of political and economic uncertainty have exacerbated challenges for companies, hindering their ability to forecast future conditions and devise strategic plans effectively. The findings from this survey underscore the impact of prevailing economic dynamics on business operations and decision-making processes.
The Statistics and Economic Analysis Center of the Iran Chamber of Commerce, Industries, Mines, and Agriculture, serving as the sponsor and coordinator of the survey, routinely releases comprehensive PMI data reports on a monthly basis. The headline PMI figure, ranging from 0 to 100, serves as a vital indicator of economic trends, with a reading above 50 indicating an expansion compared to the previous month, while a reading below 50 signifies contraction. A PMI of 50 suggests no change in economic conditions.
Overall, the PMI serves as a critical tool for assessing the prevailing direction of economic trends, offering valuable insights to company directors, analysts, and purchasing managers, facilitating informed decision-making processes and strategic planning initiatives.
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