Hong Kong private sector activity slipped into contraction for first time this year in Jun
DATA MACRO
Hong Kong private sector activity slipped into contraction for first time this year in Jun
DATA MACRO

Hong Kong private sector activity slipped into contraction for first time this year in Jun

 

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The headline seasonally adjusted S&P Global Hong Kong PMI declined from 50.3 in June to 49.4 in July, slipping into contraction for the first time this year.

The growth momentum in Hong Kong’s private sector, driven by the reopening of economy, appears to be running out of steam at the start of the second half of 2023, said S&P Global Market Intelligence. 

The PMI data showed a contraction in business activity as new orders declined, but the downturn has been mild, and export orders from overseas and mainland China continues to support corporate operations as it expands. 

Not only is the overall business environment deteriorating, renewed price pressures is also a concern, which are likely to further depress business confidence and affect demand for goods and services in the next months, it said.