(RTTNews) - The private sector in Hong Kong moved into expansion in March, the latest survey from S&P Global revealed on Friday with a PMI score of 50.9.
That's up from 49.7 in February and it moves above the boom-or-bust line of 50 that separates expansion from contraction.
New orders expanded for the first time in the year-to-date. Although marginal, this was only the second expansion in nine months and was reflective of improvements in financial conditions according to panelists. Firms in the construction sector saw the most pronounced rise in new work.
Incoming new business from abroad and Mainland China remained in contraction, however, falling at faster rates at the end of the first quarter. Anecdotal evidence suggested a reduction in tourist demand and soft external conditions affected new business inflows from outside of Hong Kong SAR.
