Hong Kong's Private Sector Posts Strongest Growth Since March 2023, S&P Global Says

MT Newswires Live12-03 09:18

Hong Kong's private sector expanded at the fastest pace since early 2023 in November, supported by stronger demand both locally and abroad, S&P Global said Wednesday.

The S&P Global Hong Kong SAR Purchasing Managers' Index rose to 52.9 from 51.2 in October, marking a fourth consecutive monthly improvement in operating conditions and the strongest reading since March 2023.

New orders grew at the quickest rate since April 2023 as stronger client confidence and new product launches boosted sales across local and international markets.

Export sales rose for the first time in 13 months, with demand from mainland China strengthening at the fastest rate in 28 months.

Employment dipped for the second time in three months, with firms citing hesitancy to replace departing staff against a backdrop of weak year-ahead sentiment.

Business sentiment stayed negative for the 28th straight month, though pessimism eased. Firms cited concerns over the economic outlook, geopolitical risks, and higher trade barriers.

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