Hong Kong’s Private Sector Shrinks Amid Covid-19 Outbreak, PMI Survey Shows

What’s new: Hong Kong’s private sector shrank for the first time since January 2021, as the ongoing Covid-19 outbreak dampened new orders and output, according to an economic activity survey.

The IHS Markit Hong Kong SAR Purchasing Manager’s Index fell to 48.9 in January from December’s 50.8, entering contractionary territory of below 50 after expanding for 11 consecutive months.