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India’s manufacturing and services shrink in Dec

by ChemOrbis Editorial Team - content@chemorbis.com
  • 04/01/2017 (15:53)
According to data from IHS Markit, India’s manufacturing sector shrank for the first time in 2016. The headline manufacturing PMI was down to 49.6 in December from 52.3 in November. Any reading below 50 represents contraction. Also, output and new orders declined for the first time in a year.

Similarly, the data showed that India’s services PMI also contracted for the second month in a row. The country’s services PMI stood at 46.8 in December, almost the same as 46.7 in November.

Economists attribute these decreases to the government’s decision to demonetize high value banknotes in the country, which is thought highly likely to cause Asia’s third biggest economy to slow down further in the near future and eventually lose its position among the world’s fastest growing economies.

India’s Prime Minister Modi had recently announced some measures to prevent the country’s economy from being negatively affected by the decision.
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