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Hong Kong PMI December 2022

Hong Kong: PMI picks up in December but stays downbeat

The S&P Global Purchasing Managers’ index (PMI) came in at 49.6 in December, up from November’s 48.7. As such, the index remained below the 50.0 no-change threshold, signaling a continued deterioration in private-sector operating conditions from the previous month.

Business activity improved for the first time in four months in December, thanks to the easing of Covid-19 curbs. Moreover, business sentiment improved to an eight-month high. However, demand remained weak, leading to reductions in purchasing activity and inventories; demand from overseas was hit by Covid-19 disruptions in mainland China. Both input and output price inflation rose in the month.

The PMI was below 50.0 for Q4 as a whole, signaling subdued activity. Indeed, our analysts expect a fourth consecutive year-on-year GDP contraction in the quarter.

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