Hong Kong PMI July 2022

Hong Kong

Hong Kong: PMI broadly stable in July; points to continued expansion in the private sector

August 1, 2022

The S&P Global Purchasing Managers’ Index (PMI) came in at 52.3 in July, down marginally from June's 52.4. Consequently, the index remained above the 50.0 no-change mark, pointing to a continued improvement in private-sector business conditions from the previous month.

July’s reading was a reflection of ongoing growth in output and new orders, as well as expansions in purchasing activity and inventories. However, employment declined amid staff shortages and voluntary departures, likely linked in part to emigration. Both input and output prices rose in July, while demand from mainland China fell due to ongoing Covid-19 restrictions. Finally, business sentiment turned positive in July.

Commenting on the latest PMI reading, Laura Denman, an economist at S&P Global, noted:

“Firms are reportedly making salary adjustments in a bid to maintain and attract staff, but there were reports of difficulties finding candidates. Should labour shortages across Hong Kong SAR’s private sector persist, this could limit the pace of the economic recovery.”

FocusEconomics Consensus Forecast panelists project the economy will expand 0.9% in 2022, which is down 0.1 percentage points from the previous month’s forecast. In 2023, the panel sees growth at 3.8%.


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Hong Kong PMI July 2022

Note: S&P Global 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: S&P Global.


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