India's services sector PMI grows for first time in almost a year
Updated: Jun 04, 2014 01:40:51pm
New Delhi, Jun 4 (KNN) India’s service sector activities have expanded for the first time in eleven months in May, following surge in new businesses supported by the strong election results, according to a survey.
The HSBC Services Purchasing Managers’ Index (PMI), compiled by Markit, rose to 50.2 in May from 48.5 in April, the first rise above the 50 mark that divides growth from contraction since June last year.
Any reading above 50 points is an expansion and the one below it shows contraction.
"At last, a gradual improvement in services activity, with the index creeping above the 50 level after nearly a year. Fortunately, this momentum will be further supported by the strong election results," Co-Head of Asian Economic Research at HSBC, Frederic Neumann said.
The composite output Index, comprising both manufacturing and services, rose to 50.7 points in May from 49.5 in the previous month. It shows expansion for the first time in three months.
PMI is based on a survey of some 350 private sector firms. Service providers were optimistic in May that activity would increase over the next 12 months. (KNN Bureau)
The HSBC Services Purchasing Managers’ Index (PMI), compiled by Markit, rose to 50.2 in May from 48.5 in April, the first rise above the 50 mark that divides growth from contraction since June last year.
Any reading above 50 points is an expansion and the one below it shows contraction.
"At last, a gradual improvement in services activity, with the index creeping above the 50 level after nearly a year. Fortunately, this momentum will be further supported by the strong election results," Co-Head of Asian Economic Research at HSBC, Frederic Neumann said.
The composite output Index, comprising both manufacturing and services, rose to 50.7 points in May from 49.5 in the previous month. It shows expansion for the first time in three months.
PMI is based on a survey of some 350 private sector firms. Service providers were optimistic in May that activity would increase over the next 12 months. (KNN Bureau)
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