(MENAFN) According to the latest report from the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), Iran's Purchasing Managers' Index (PMI) for the fiscal month of Farvardin (March 20 – April 19, 2024) has managed to remain above the crucial threshold of 50. However, due to the impact of the two-week Persian New Year holidays, the initial PMI reading was notably low at 39.6. After adjusting for seasonal factors and removing holiday effects, the PMI for the month was estimated at 51.5, signaling an improvement in the Iranian economy.
While the findings suggest that the Iranian economy has continued to exhibit resilience, albeit with a reduced momentum compared to previous months, concerns persist regarding the potential impact of raw material shortages, particularly on the industrial sector, in the coming months.
The ICCIMA Statistics and Economic Analysis Center, responsible for conducting the survey, releases comprehensive PMI data for the entire economy in a monthly report. The PMI, ranging from 0 to 100, serves as an indicator of economic trends, with a reading above 50 indicating expansion compared to the previous month, below 50 indicating contraction, and 50 representing no change.
The report highlights specific sub-indices, such as "business activities" and "raw material inventory," which provide further insights into various aspects of economic activity. Despite seasonal adjustments, the "business activities" sub-index saw a notable decline, dropping to 49.0 from its initial reading of 60.41. Similarly, the "raw material inventory" sub-index, even after adjustment, fell to 49.7, indicating a decrease compared to the previous month.
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