Page 10 - Policy Economic Report - April 2023

Policy and Economic Report:
Oil & Gas Market

Figure- Monetary tightening by Central Banks

Source- IMF

Global Purchasers Managers Index

Global business activity growth accelerated in the month of March 2023 as JPMorgan Global PMI Output
Index - produced by S&P Global - rose from 52.1 in February 2023 to 53.4 in March 2023. This was mainly
driven by growth in the services sector. India reported the fastest expansion, while Spain and Italy also
posted above-average growth.

While the growth in services sector was mainly due to the rising travel and tourism business as well as
reviving financial services activity, the manufacturing output barely rose due to supply chain disruptions
and backlogs of existing work order rather than new factory orders coming into place.

Global price pressures also moderated, as input costs rose at the slowest rate for 28 months. While
manufacturing input cost inflation has eased to below the long-run trend, service sector input cost
inflation remains far above the long-run average.

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