Hong Kong private sector expands for third straight month, driven by exports to mainland
Nikkei Hong Kong Purchasing Managers’ Index stands at 51.1 in June, showing first quarterly growth in three years
Hong Kong’s private sector showed growth for the third straight month, driven by stronger export sales to the mainland, though business confidence remained negative.
The latest Nikkei Hong Kong Purchasing Managers’ Index, a gauge of the sector’s health, showed that Hong Kong’s business conditions improved in the second quarter. In June, the PMI stood at 51.1, up from 50.5 in May. This was the first quarterly expansion in three years.
A score above the 50-point threshold indicates growth, while one below means contraction.
Demand from mainland China rose at the quickest pace in nearly three-and-a-half years, helping to drive growth.
Increased employment and inventories also helped boost production. The city’s private sector hired more workers for the second straight month.