HONG KONG - Business activity in Hong Kong contracted at the fastest pace in 21 years in November, dragged down by anti-government protests and softening global demand, an IHS Markit survey showed on Wednesday.
The seasonally adjusted headline Hong Kong Purchasing Manager’s Index fell to 38.5 in November, down from 39.3 in October and signaling the steepest private sector downturn since the SARS epidemic in early 2003. “The average PMI reading for October and November combined showed the economy on track to see GDP fall by over 5% in the fourth quarter, unless December brings a dramatic recovery.”
Hong Kong’s retail sales fell the most on record in October, sinking 24.3% from a year earlier, government data showed on Monday. Tourist arrivals plunged nearly 44%.
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