TEHRAN - Iran’s new Purchasing Managers' Index (PMI) data for the fiscal month of Esfand (February 20 – March 19, 2024), released by the Iran Chamber of Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), has marked a 10-month high.

The new PMI rose by a slight 0.74 points in the month under review to settle at 55.79, the ICCIMA portal reported.

Although the PMI was on an upward trajectory, it saw a slighter increase in comparison to the same month of last year largely due to the growing forex rate and concurrence with the fasting month of Ramadan.

The findings of this survey suggest that the growing forex rate has increased the cost of raw material supplies, forcing companies to increase the prices of their products.

Heightened political and economic uncertainty has made it difficult for companies to predict future conditions and make plans.

The Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture, the sponsor and coordinator of the survey, announces the whole economy PMI data in a report every month.

The headline PMI is a number from 0 to 100, such that over 50 shows an expansion of the economy when compared with the previous month. A PMI reading under 50 indicates contraction and a reading of 50 implies no change.

PMI is an index of the prevailing direction of economic trends, aiming to provide information about business conditions to company directors, analysts, and purchasing managers.

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