Ser­vices PMI at 3-month high in De­cem­ber

Hindustan Times (Patna) - - NATION - Reuters

BAN­GA­LORE: In­dia’s ser­vices sec­tor grew at its strong­est pace in three months dur­ing De­cem­ber, as com­pany or­der books filled at the quick­est rate since last Fe­bru­ary, a sur­vey by the HSBC ser­vices Pur­chas­ing Man­agers In­dex ( PMI) showed on Fri­day.

Ser­vices rang­ing from banks to restau­rants make up 60% of In­dia’s eco­nomic out­put and a re­cov­ery bright­ens the out­look for Asia’s third­largest econ­omy. The sec­tor has been the lone bright spot in a slow­ing econ­omy.

The sur­vey of around 400 com­pa­nies rose to 55.6 in De­cem­ber from Novem­ber s 52.1.

The 50 mark sep­a­rates growth from con­trac­tion and the in­dex has held above that level for over a year now.

“The ser­vice sec­tor pro­vided some hol­i­day cheer with ac­tiv­ity fully re­cov­er­ing af­ter two months of de­cel­er­a­tion led by a sharp rise in new busi­ness,” said HSBC econ­o­mist Leif Eske­sen.

The new busi­ness subindex j umped to 57.1 i n De­cem­ber from 54.9 in the pre­vi­ous month.

While there is strong overseas de­mand for In­dian ser­vices the big ques­tions re­main about ma­jor ex­port mar­kets.

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