China’s manufacturing and service activity fell further in November to seven-month lows, official data showed, hit by tight restrictions related to the country’s Covid-19 control and a rise in infections that analysts said will hurt the economy throughout 2023.
As the coronavirus has spread in China, Beijing has imposed extended lockdowns in several places. The restrictions hit production at the world’s largest iPhone factory owned by Apple Inc. in China and, according to one analyst’s estimate, now impact about a quarter of the country’s Gross Domestic Product.
The stringent Covid-19 measures have also sparked rare street protests in many cities in recent days.
Against this backdrop, the official non-manufacturing Purchasing Managers’ Index (PMI) stood at 46.7 against 48.7 in October, below the 50-point mark that delimits contraction and expansion of activity, according to data from the National Bureau of Statistics.
The official industry PMI stood at 48.0 in November, up from 49.2 the previous month. Both indicators had the lowest mark in seven months.
The official composite PMI, which includes both industrial activity and services, was 47.1, compared to 49.0 in October.
Source: CNN Brasil
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