FX.co ★ Hong Kong Private Sector Grows for 2nd Month

In September 2025, the S&P Global Hong Kong SAR PMI slightly decreased to 50.4 from August's 50.7, indicating a continued, albeit milder, improvement in Hong Kong's private sector economy. This represents the second consecutive month of growth, with output increasing at the most rapid pace since last November. Conversely, new orders faced a slight decline, maintaining the same rate of contraction as in August. Demand from external markets, including Mainland China, remained weak with significant drops in sales. There was a modest reduction in work backlogs, while employment levels remained generally stable. Although purchasing activity declined, it did so at the slowest rate in seven months. Regarding pricing, overall input costs surged at the highest rate since November 2023, mainly due to increased costs for raw materials and labor. While output prices saw an increase, inflation in charges was minimal. Looking forward, while firms generally expected challenges, the level of pessimism was less severe than it had been since November 2023.