The marked difference between the Chinese Services and Manufacturing sectors performance continues to remain in evidence. Over the whole of the first quarter of 2024 the overall Manufacturing Sector Sales Managers Index remained below the crucial 50 index level, indicating declining output. In contrast the Services Sector overall Sales Managers Index remained at an average index reading over the first quarter of 52.4, indicating significant albeit far from exciting growth in output.. The now dominant Services sector resilience provided enough impetus to ensure that the combined Manufacturing + Services sector Index remained over the 50 no growth level, with a very modest quarter 1 reading of 50.9, indicating overall growth in the Chinese economy.
However the Manufacturing & Services reading suggests that economic growth in China remains way below the levels of GDP registered in previous years.
The Sales Managers' Indexes provide the earliest monthly data on the speed and direction of economic activity in key growth areas of the world.
The SMI’s (Sales Managers’ Indexes) are compiled and analysed by World Economics and are based on survey data collected from a panel of companies stratifying all Industry Classification Board (ICB) sectors which are weighted to reflect their contribution to national Gross Domestic Product.
Key advantages of the SMI's:
SMI data for China is published as diffusion indexes to gauge the speed and direction of economic activity.
Monthly data since 2013 is downloadable for all-sectors, manufacturing and service sectors separatly in a consistent unadjusted format for 7 key indexes: