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HK's private sector activity dips at a faster rate in March

The S&P Global purchasing managers’ index fell at a faster rate in March as orders from mainland China were affected by the Covid-19 lockdowns in the region. S&P Global said that Hong Kong’s private-sector economic activity further fell to 42 in March from 42.9 in February, the third consecutive month that the index was below 50, the level separating expansion from contraction. S&P Global said Hong Kong has been fighting a prolonged virus outbreak for months, leading authorities to implement strict measures to control infections. Lockdowns in mainland China, meanwhile, are aggravating lead times and price pressures, it said. S&P Global economics associate director Jingyi Pan said that supply constraints made worse by lockdowns in Mainland China, price pressures and aggravated by the Ukraine war, further weighed on Hong Kong private sector firms.

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