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China’s PMI May 2023

China's National Bureau of Statistics confirmed the expansion in May of the composite Purchasing Managers' Index (PMI), which includes both manufacturing and services activity, at 52.9 from the 54.4 recorded in the previous month, but well above the 50-point threshold that separates growth from contraction.


The manufacturing PMI index fell to its lowest level in the past five months in May, at 48.8, down from April's 49.2 and below analysts' estimates of 49.4.


As for services sector activity, which has been supporting the economic recovery so far, the non-manufacturing PMI index expanded in May at a slower pace compared to previous months, at 54.5.


Several key indicators of the Chinese economy, particularly consumer spending and the real estate sector, are still in a phase of recovery, and the Chinese government has implemented a series of policies and financial measures whose effects will be seen in the coming months.

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