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Automobiles and auto parts rises to top of Asian growth rankings

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Staff Writer | January 10, 2017
Automobiles & auto parts led Asian growth in the final month of 2016, according to the latest Nikkei Asia Sector PMI™ data, complied by IHS Markit.
Asia cars
Economy in Asia   Nikkei Asia Sector PMI
The rate at which production expanded in the sector was substantial and quickened since November. In fact, the pace of growth accelerated to a three-year high.

Second place in the output growth rankings was occupied by commercial & professional services, where business activity also rose at a marked pace.

Although the rate of increase was fractionally weaker than that for automobiles & auto parts, it did cap off the strongest quarter of growth out of all the 19 monitored sectors.

General industrials, which topped the Asia output league table in November, slipped back into third position after registering a softer, albeit still substantial, rate of production growth.

Other strong performers included technology equipment, pharmaceuticals & biotechnology, beverages & food and banks, all of which recorded faster increases in output than in November.

Three out of the 19 detailed sectors covered in the survey experienced a contraction in output during December.

The sharpest rate of decline was registered at software & services companies, while consumer services also registered a solid drop in output to place in second-bottom position of the growth rankings.

Finally, healthcare services insurance and chemicals saw their output rebound from contraction territory and into growth during December.