FOREX TradingCharts.com

Financial News: India Services Growth Strongest Since November 2021

India Services Growth Strongest Since November 2021

05/05/2022 - 06:07:00 (RTTNews)

(RTTNews) - India's service sector growth expanded at the strongest rate since November last year amid strong growth in output and demand, while rising inflationary pressures damped business confidence.

The services Purchasing Managers' Index rose to 57.9 in April from 53.6 in March, survey results from S&P Global showed on Wednesday. Any score above 50.0 indicates expansion in the sector.

New business inflows and output increased at the strongest pace since November last year due to higher bookings after the easing of Covid-19 pandemic-related restrictions and favorable demand conditions.

The selling prices rose in April, with the rate of charged inflation highest in nearly five years. The overall rate of inflation was the second-strongest since the survey began.

The outstanding business continued to increase and employment rose for the first time since November last year.

International demand continued to decline since the onset of Covid-19 in March 2020 and new orders from abroad decreased at the quickest pace since September last year.

"Consumer services and finance & insurance were the top-performing areas of the service economy, while Real Estate & Business Services was the only sub-sector to post contractions in sales and output," Pollyanna De Lima, economics associate director at S&P Global, said.

The composite output index that combines the performance of manufacturing and services, rose to 57.6 in April from 54.3 in the previous month. This was the fastest pace of growth in five months.

Looking ahead, inflationary pressures triggered by the global surge in commodity prices and supply bottlenecks due to the war in Ukraine are likely to damp activity in coming months.

The Reserve Bank of India raised the key policy repo rate by 40 basis points to 4.50 percent in a surprise move on Wednesday, citing acute inflationary pressures.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Hong Kong Exports Recover In April (44 min(s), 50 sec(s) ago)
(RTTNews) - Hong Kong's merchandise exports and imports recovered in April, data from the Cens ...Full Story»

Turkey Economic Confidence Improves In May (50 min(s), 50 sec(s) ago)
(RTTNews) - Turkey's economic confidence improved in May, survey results from the Turkish Stat ...Full Story»

Singapore Industrial Production Rises At Faster Pace (54 min(s), 50 sec(s) ago)
(RTTNews) - Singapore's industrial production increased at a faster pace in April, data from t ...Full Story»

Bank Of Korea Raises Key Rate For Second Straight Time (04 hr(s), 05 min(s), 50 sec(s) ago)
(RTTNews) - The Bank of Korea lifted its key interest rate by a quarter point for the second strai ...Full Story»

European Economics Preview: Italy Business Confidence Data Due (05 hr(s), 05 min(s), 50 sec(s) ago)
(RTTNews) - Business and consumer confidence survey results from Italy are due on Thursday, headli ...Full Story»

South Korea Rate Decision Due On Thursday (21 min(s), 10 sec(s) ago)
(RTTNews) - The Bank of Korea will wrap up its monetary policy meeting on Thursday and then announ ...Full Story»

Fed Minutes Hint At More 50 Basis Point Interest Rate Hikes (52 min(s), 10 sec(s) ago)
(RTTNews) - With inflation remaining stubbornly elevated, the minutes of the Federal Reserve's ...Full Story»

Latvia Unemployment Rate Rises In Q1 (38 min(s), 10 sec(s) ago)
(RTTNews) - Latvia's jobless rate increased in the first quarter, after falling in the previou ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Hong Kong Exports Recover In April

05/26/2022 - 06:54 AM (RTTNews)
(RTTNews) - Hong Kong's merchandise exports and imports recovered in April, data from the Cens ...Full Story>>

Turkey Economic Confidence Improves In May

05/26/2022 - 06:48 AM (RTTNews)
(RTTNews) - Turkey's economic confidence improved in May, survey results from the Turkish Stat ...Full Story>>

Singapore Industrial Production Rises At Faster Pace

05/26/2022 - 06:44 AM (RTTNews)
(RTTNews) - Singapore's industrial production increased at a faster pace in April, data from t ...Full Story>>

Bank Of Korea Raises Key Rate For Second Straight Time

05/26/2022 - 03:33 AM (RTTNews)
(RTTNews) - The Bank of Korea lifted its key interest rate by a quarter point for the second strai ...Full Story>>

European Economics Preview: Italy Business Confidence Data Due

05/26/2022 - 02:33 AM (RTTNews)
(RTTNews) - Business and consumer confidence survey results from Italy are due on Thursday, headli ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.