The Purchasing Managers' Index (PMI) manufacturing jumped from 51.7% in April to a 12-month high of 54.7% in May, which indicates strengthening expansion in manufacturing. Retail sales increased by a record 22.6% in May, compared to the 12.7% in April.
Thanks to strengthening domestic demand, total revenue collection increased by an estimated 29.4% in May, keeping the budget in surplus for the fifth consecutive month, the WB’s report said.
Inflation edged up but remained well below the 4% target. Producer price inflation showed signs of easing in May. Both input costs and output prices increased at the slowest rates in three months, according to the report.