Hong Kong PMI May 2022

Hong Kong

Hong Kong: PMI rises to over-decade high in May

June 6, 2022

The IHS Markit Purchasing Managers’ Index (PMI) came in at 54.9 in May, up from April's 51.7. May's result marked the best performance since 2011. As a result, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in business conditions compared to the previous month.

The upturn was driven by faster expansions in output and new orders, in line with the easing of Covid-19 restrictions and the distribution of consumption vouchers to citizens. As a result, employment and purchasing activity rose, and business sentiment remained positive. Meanwhile, both input and output price inflation eased in May.

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

“Despite the unleashing of pent-up demand with the easing of virus restrictions, price and supply pressures showed no signs of worsening, which had been a positive sign. This continues to suggest that the Hong Kong SAR economy is recovering strongly into the second quarter.”

FocusEconomics Consensus Forecast panelists project the economy will expand 1.1% in 2022, which is down 0.5 percentage points from the previous month’s forecast. In 2023, the panel sees growth at 3.7%.


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Hong Kong PMI Chart

Hong Kong PMI May 2022 0

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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