2026.01.0600:41:56UTC+00Hong Kong Private Sector PMI Down from Near 3-Year Peak

In December 2025, the S&P Global Hong Kong SAR Purchasing Managers' Index (PMI) edged slightly down to 51.9 from November's near three-year peak of 52.9, indicating a deceleration yet continued growth. Output experienced its fifth consecutive monthly increase, with the rate of growth slowing but still ranking as one of the most robust in over three years. The rate of new orders maintained pace with output, marking the second swiftest rise since April 2023, driven by steady demand from both mainland China and abroad. Although purchasing activities and inventories continued to expand, they did so at a more restrained rate. Supplier performance saw improvement for the first time since May. The uptick in orders led to a buildup in backlogs for the first time within a year, with accumulation reaching its fastest rate since November 2024. Employment figures dropped for the second consecutive month as companies hesitated to fill vacancies. Rising input costs, including more expensive raw materials and significantly higher employee expenses, led firms to increase their selling prices, pushing charge inflation to a 26-month high. Meanwhile, business sentiment hit its lowest point since June 2023, amid prevalent global and tariff-related concerns.