Hong Kong PMI October 2022

Hong Kong

Hong Kong: PMI rises in October

November 3, 2022

The S&P Global Purchasing Managers’ Index (PMI) came in at 49.3 in October, up from September's 48.0. 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.

October’s reading was a reflection of softer contractions in output, demand and export orders. In contrast, employment fell at the fastest pace in nearly two years due to redundancies and resignations, while purchasing activity fell at a quicker pace. Covid-19-related shipping delays led to supply constraints, while price pressures intensified and business sentiment was downbeat. Finally, export orders from mainland China fell at a faster pace, amid the country’s ongoing Covid-19 restrictions.

Jingyi Pan, economics associate director at S&P Global Market Intelligence, said:

“Weaker economic conditions and lingering virus impacts continued to weigh on the performance of Hong Kong SAR firms despite recent easing of Covid-19 border restrictions. […] Should further stabilisation of local Covid-19 conditions materialise in the near-term, improvement in domestic activity may be anticipated.”

FocusEconomics Consensus Forecast panelists project the economy will expand 3.4% in 2023, which is down 0.2 percentage points from the previous month’s forecast. In 2024, the panel sees growth at 2.6%.


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Hong Kong PMI Chart

Hong Kong PMI October 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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