Hong Kong PMI August 2021

Hong Kong

Hong Kong: Manufacturing PMI jumps to the highest level in over seven years

September 3, 2021

The IHS Markit Manufacturing Purchasing Managers' Index (PMI) increased to 53.3 in August—the best reading since February 2014—after July's 51.3. As a result, the index moved further above the 50-threshold, and pointed to a faster expansion in business conditions from the previous month.

The stronger reading was predominately due to faster increases in output and new orders relative to the previous month, while employment levels stabilized in August, after declining in May–July. Nevertheless, foreign demand remained weak as Covid-19 restrictions in China weighed on buying activity.

Commenting on the latest reading, Jingyi Pan, economics associate director at IHS Markit, noted:

“Both demand and output growth accelerated to multi-year highs, aided by the increase in economic and consumer confidence and supported by recent measures such as the distribution of the consumption vouchers. The overall outlook also improved noticeably amongst Hong Kong SAR private sector firms in August.”

FocusEconomics panelists forecast fixed investment to rebound 7.4% in 2021, which is from last month’s forecast. Moving to 2022, the panel sees fixed investment growing 5.7%.

Author:, Economist

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Hong Kong PMI Chart

Hong Kong PMI August 2021

Note: IHS Markit Hong Kong SAR Purchasing Manager’s Index (PMI). Readings above 50 indicate an overall increase compared to the previous month, and below 50 an overall decrease.
Source: IHS Markit.

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