Hong Kong PMI

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Hong Kong: PMI falls deeper into negative territory in August

September 5, 2015

The NIKKEI Purchasing Managers’ Index (PMI) fell from 48.2 in July to 44.4 in August, which was its lowest level since April 2009. As a result, the PMI is further below the 50-threshold that separates contraction from expansion in business conditions.

August’s disappointing result came on the back of significant drops in output and new business, which both fell at the sharpest rates in over six years. Purchasing activity contracted as well, declining at the steepest rate since February 2009. The economic slowdown in China was a key factor driving down the index as new business from Mainland China fell at the sharpest rate since December 2008. NIKKEI analysts pointed out that, “the data continue to point to weaker demand conditions amid an uncertain global economic outlook, as fears continue to mount over China’s growth prospects. [...] It seems unlikely that the performance of the sector will improve unless demand conditions pick up, as further cuts to output, staff numbers and purchasing activity suggest that the sector will remain in contractionary territory at least in the near-term.”

FocusEconomics Consensus Forecast panelists see fixed investment rising 3.8% in 2015, which is down 0.4 percentage points from the previous month’s estimate. For 2016, the panel expects fixed investment to increase 3.2%.

Author:, Economist

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Hong Kong PMI Chart

Hong Kong PMI August 2015

Note: NIKKEI Hong Kong Purchasing Managers’ Index (PMI). A reading above 50 indicates an expansion in business activity while a value below 50 points to a contraction.
Source: NIKKEI and Markit.

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