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India's December manufacturing PMI sees fastest growth in five years

02 January, 2018, 11:54 | Author: Melinda Barton
  • Buildings in Beijing shrouded by smog. Wikimedia Commons

- Reuters picKUALA LUMPUR, Jan 2 ― Manufacturers ended the 2017 year stagnant as new orders contracted and output growth slowed from modest demand, December data compiled by Nikkei Malaysia Manufacturing Purchasing Managers Index (PMI) showed.

IHS Markit's Purchasing Managers' Index (PMI) for manufacturing, which accounts for about a quarter of the economy, jumped to an all-time high of 63.3 from 62.5 in the previous month. Any reading above 50 indicates expansion in the sector. The December figure was the highest reading since August.

The new order index of the non-manufacturing businesses stood at 52 in December, up 0.2 points from a month ago.

The pickup in December's manufacturing PMI came on the back of strong demand both at home and overseas. The increase was driven by stronger new order growth and the fastest rise in employment in the sector since the survey began in 1998.

Boosted by hefty government infrastructure spending, a resilient property market and unexpected strength in exports, China's manufacturing and industrial firms have been a major driver behind solid economic growth this year, with their strong appetite for raw materials boosting global commodity prices.

Finally, the Future Output Index signalled the strongest level of confidence in three months, with more than one-in-five survey participants forecasting higher production.

Ai Group chief executive Innes Willox said the expansion added momentum to a year marked by higher energy prices and the shutdown of Holden and Toyota vehicle production in Australia.

The Nikkei Malaysia Manufacturing PMI said business conditions in the Malaysian manufacturingsector broadly stagnated in December, following an improvement in November.

Ireland's economy is nearly certain to have been the strongest performer in Europe for the fourth straight year, while unemployment has been on a steady downtrend since 2011.

"Industry in Việt Nam therefore looks to be in good shape heading into 2018", Andrew added.

France's factory PMI rose to 58.8 in December from 57.7 in November.

Factory Purchasing Managers' survey from euro area and the United Kingdom are due on Tuesday, headlining a light day for the European economic news.


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