DHAKA, Dec. 8 (Xinhua) -- The Purchasing Managers' Index (PMI) in Bangladesh dipped to 54 in November, down 7.8 points from October, signalling a softer pace of economic expansion in the South Asian country.

According to a latest report, the slowdown reflected weaker growth in manufacturing, services and agriculture sectors.

A PMI reading above 50 indicates expansion from the previous month, while one below 50 signals contraction.

The PMI, jointly prepared by the Metropolitan Chamber of Commerce and Industry (MCCI) and Policy Exchange Bangladesh, covers more than 500 private sector firms across agriculture, manufacturing, construction, and services.

Although the November figure was still above 50, pointing to overall expansion, the pace of growth slowed.

"November PMI indicates economic expansion losing steam, driven by weak global demand and low export competitiveness, hurting exports, waning domestic demand and businesses withholding investments ahead of the national elections," said M Masrur Reaz, chairman and chief executive officer of Policy Exchange Bangladesh, in a statement. ■