Hong Kong PMI June 2022

Hong Kong

Hong Kong: PMI moderates in June

July 6, 2022

The S&P Global Purchasing Managers’ Index (PMI) fell to 52.4 in June from May's 54.9. As such, the index remained above the 50.0 no-change threshold, pointing to a continued, albeit moderating, improvement in business conditions from the previous month.

The deceleration was driven by slower growth in output and new orders due to niggling Covid-19 disruptions and

lower consumer confidence caused by the latest Omicron wave. Output price inflation rose to a five-month high, while the rate of expansion of input prices decreased. In spite of easing economic momentum, employment levels increased.

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

“Should the pandemic continue to stabilize and restrictions ease, we could hope to see growth momentum across Hong Kong SAR’s private sector rebound. That said, downside risks to growth, including inflationary pressure driven by purchased items, remain.”

FocusEconomics Consensus Forecast panelists project the economy will expand 1.0% 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 Chart

Hong Kong PMI June 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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