The private sector in Hong Kong continued to expand in May, and at a faster pace, the latest survey from Markit Economics showed on Thursday with a services PMI score of 52.5.
That’s up from 50.3 in April and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Business activity recorded a solid improvement in May, supported by the further easing of COVID-19 restrictions at the end of April. Although some firms continued to be affected by lingering COVID-19 implications, the improvement in output at the fastest pace since February 2018 was a positive sign.
Driving the rise in activity was an improvement in order book volumes. Specifically, new [business][1] from abroad rose for the first time since March 2019 and this included new business from Mainland China which saw growth after declining for three years for a row. The stabilization of COVID-19 conditions was widely cited as a reason contributing to the inflow of new business.
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