Manufacturing sector records record growth in December

02 January, 2018, 11:54 | Author: Manuel Hopkins
  • Operating conditions for manufacturing best in 5 years during December: Nikkei PMI

"With global growth expected to improve to a seven year high in 2018, we think that firms are right to be confident about their prospects for this year", Mr O'Sullivan said.

The Nikkei/Markit survey for India's December factory activity showed it expanded at the fastest pace in five years, buoyed by a rise in output and new orders, which allowed firms to raise prices.

Still, the index remained comfortably above the 50-point mark that separates growth from contraction, with numbers above 50 indicating expansion.

Meanwhile, the large food and beverages sub-sector recorded its highest monthly result since April 2016, while the non-metallic minerals sub-sector, wood and paper products and machinery and equipment all recorded their lowest index results for 2017. This was consistent with the strongest improvement in the health of the sector since December 2012.

December's business optimism improved to a nine-month high.

Andrew Harker, associate director at IHS Markit, which compiles the survey, said "The Vietnamese manufacturing sector recorded a welcome return to growth of output in December, supported by a solid and accelerated increase in new orders".

The country's manufacturing PMI has been in positive territory for 17 months in a row despite overall slower expansion this month.

Oil prices stay high
Refiners have profited in recent months as the spread widened between United States crude and Brent futures prices. Strong OPEC compliance with the supply pact should lend support to prices, analysts said.

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.

Singapore on Tuesday posted slower economic growth in the fourth quarter than the third as manufacturing shrank 11.5 percent following an eye-popping 38 percent jump in the previous three months.

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

The Caixin manufacturing PMI for December compares with a decrease in the official PMI released by the National Bureau of Statistics (NBS) on Sunday.

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

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

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