TOKYO -- Myanmar's manufacturing sector improved again at the end of the first quarter. The Nikkei Myanmar Manufacturing Purchasing Managers' Index, or PMI, rose to 53.1 in March from 51.9 in February, hitting the highest reading since the survey began in December 2015.
A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction. The latest figure marked the third consecutive month of growth.
Firms recorded sharper increases in output, new orders and employment, according to IHS Markit, which compiles the survey. New business growth accelerated for the third month running, encouraging manufacturers to raise production at the sharpest pace in survey's history.
"Surprisingly, despite the fast increase in new orders, backlogs of work again declined at a substantial pace, indicating that the sector is still experiencing a lack pressure on capacity," said Samuel Agass, economist at IHS Markit. "With this being the case, Myanmar's manufacturing engine has some way to go before it is fully firing on all cylinders."
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