Wednesday, 17 January, 2018

Spain manufacturing sector posts more solid growth in December

Operating conditions for manufacturing best in 5 years during December: Nikkei PMI Spain manufacturing sector posts more solid growth in December
Heather Davidson | 02 January, 2018, 11:53

"The goods-producing economy carries strong momentum into 2018, with new order growth at its highest for nearly eight years and rising backlogs of work pointing to the need for further expansion in capacity", Smith added.

Still, the index remained comfortably above the 50-point mark that separates growth from contraction, with numbers above 50 indicating expansion.

PMI readings were at survey record highs in Austria, Germany and Ireland. It showed a slowdown in growth amid a crackdown on pollution and measures to curb risky financing and cool the housing market. "The overall trend is stable, with only small monthly fluctuations", he said. In response to greater inflows of new business, job creation quickened to the greatest since August 2012.

Beijing is expected to target 2018 growth at around 6.5 percent.

Despite these additional resources and a slight uptick in stocks of finished goods, manufacturers' backlogs of work increased for an eighth successive month in December.

Growth in the fourth quarter could reach 6.7 percent and the whole-year growth could be 6.8 percent, said Li Chao, an analyst at Huatai Securities.

In November, the Bank of Korea raised interest rates for the first time in more than six years, becoming the first major Asian central bank to hike since 2014. The manufacturing PMI is seen rising to 56.5 in December from 56.1 in November.

Turning to margins, the report from Investec found that input costs rose at their fastest pace in nine months, with higher raw material costs widely mentioned by panellists.

The country's manufacturing PMI has been in positive territory for 17 months in a row despite overall slower expansion this month.

PMIs for Japan, which surpassed growth expectations in 2017 on the back of the surging tech and trade cycle globally, will be released on Thursday.

Spain's manufacturing sector expanded at a solid pace in December thanks to strong output and hiring, a survey showed on Tuesday, in the latest sign that economic growth throughout 2017 held steady until the end of the year. The data firms up views that interest rates in Asia's third-largest economy have probably bottomed.

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