China Services Activity Shrinks to 6-Month Lows - Caixin PMI

08 December 2022

China's services activity shrank to six-month lows in November as widening COVID containment measures weighed on demand and operations, a private-sector business survey showed on Monday, pointing to a further hit to economic growth.

The Caixin/S&P Global services purchasing managers' index (PMI) fell to 46.7 from 48.4, marking the third monthly contraction in a row. The 50-point index mark separates growth from contraction on a monthly basis.

New COVID-19 infections hit record highs in November. Analysts estimated that areas in lockdowns accounted for about a quarter of China's gross domestic product (GDP) by the end of the month, choking domestic consumption, disrupting supply chains, and even stoking rare street protests across many cities.

Source:  Reuters
Post by: Republic of Türkiye Ministry of Trade