The S&P Global Hong Kong SAR PMI fell to 48.6 in April 2026 from 49.3 in March, marking its lowest level since June 2025 and signaling a second straight month of contraction in the private sector. Both output and new orders fell again, with output shrinking at the fastest pace in nearly a year. Employment fell for the first time in three months as backlogs continued to ease. Still, foreign orders picked up, even as demand from China softened for the first time in seven months. Buying activity rose modestly, while supplier performance improved amid reports of adequate capacity. Cost pressures mounted, with input price inflation hitting a 14-1/2- year high, driven by higher raw material costs and the ninth straight month of rise in wages. Firms lifted selling prices at the fastest pace since August 2023 to protect margins. Lastly, sentiment remained subdued, though slightly less negative, amid concerns over rising competition and geopolitical risks linked to tensions in the Middle East. source: S&P Global

Manufacturing PMI in Hong Kong decreased to 48.60 points in April from 49.30 points in March of 2026. Manufacturing PMI in Hong Kong averaged 49.02 points from 2011 until 2026, reaching an all time high of 54.90 points in May of 2022 and a record low of 33.10 points in February of 2020. This page provides the latest reported value for - Hong Kong Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Manufacturing PMI in Hong Kong decreased to 48.60 points in April from 49.30 points in March of 2026. Manufacturing PMI in Hong Kong is expected to be 51.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Hong Kong Private Sector PMI is projected to trend around 50.50 points in 2027 and 50.30 points in 2028, according to our econometric models.



Related Last Previous Unit Reference
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Hong Kong Private Sector PMI
The S&P Global Hong Kong Purchasing Managers’ Index measures the performance of the private sector and is derived from a survey of 300 companies. The Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the private sector activity compared to the previous month; below 50 represents a contraction; while 50 indicates no change. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
Hong Kong Private Sector PMI Slips to 10-Month Low
The S&P Global Hong Kong SAR PMI fell to 48.6 in April 2026 from 49.3 in March, marking its lowest level since June 2025 and signaling a second straight month of contraction in the private sector. Both output and new orders fell again, with output shrinking at the fastest pace in nearly a year. Employment fell for the first time in three months as backlogs continued to ease. Still, foreign orders picked up, even as demand from China softened for the first time in seven months. Buying activity rose modestly, while supplier performance improved amid reports of adequate capacity. Cost pressures mounted, with input price inflation hitting a 14-1/2- year high, driven by higher raw material costs and the ninth straight month of rise in wages. Firms lifted selling prices at the fastest pace since August 2023 to protect margins. Lastly, sentiment remained subdued, though slightly less negative, amid concerns over rising competition and geopolitical risks linked to tensions in the Middle East.
2026-05-06
Hong Kong Private Sector Shrinks for 1st Time in 8 Months
The S&P Global Hong Kong SAR PMI declined to 49.3 in March 2026 from February’s 35-month high of 53.3, marking the first contraction in the private sector since last July, as new orders declined due to the impact of the Middle East conflict. New orders recorded the largest drop in nine months, reversing a five-month streak of strong expansion. Consequently, output and new business also dropped. Foreign sales also saw a similar decline, ending a four-month expansionary period. However, demand from China moved in the opposite direction, rising for the sixth consecutive month, although the rate of increase has slowed. Meanwhile, employment increased moderately. On prices, input cost inflation slowed to the softest pace since September last year, with purchasing prices falling to a seven-month low. Meanwhile, output inflation eased to a five-month low. Looking ahead, business sentiment weakened to its lowest level since last July, due to the Middle East conflict.
2026-04-08
Hong Kong Private Sector Growth at Nearly 3-Year High
The S&P Global Hong Kong SAR PMI rose to 53.3 in February 2026 from 52.3 in January, marking a seventh straight month of improvement and the strongest expansion in business conditions in just under three years. The upturn was driven by sharper increases in output and new orders, with overall sales growing at the fastest pace in three months. Backlogs of work rose for a third consecutive month, with the pace of accumulation the steepest in 12 years, while firms responded by raising employment for the first time in four months, though job creation was only marginal. Purchasing activity also increased sharply, while supplier delivery times lengthened for the first time since November. On prices, input cost inflation eased but remained solid, while output charge inflation climbed to its highest level since October 2023. Looking ahead, sentiment remained subdued despite improving from January, with firms citing intense competition and weak local demand as key concerns.
2026-03-04