A recently conducted survey has revealed that business activity in Hong Kong shrank for the fifth consecutive month in December.
According to the Hong Kong Standard, the purchasing managers' index, compiled by UK-based NTC Research, dropped to 49 last month from 49.7 in November - a distinctly gloomy development given that an index figure below 50 indicates that activity has declined.
Despite improvement in the economy, which grew by 0.8% and 3.3% in the second and third quarters respectively, many of the companies surveyed by NTC remained pessimistic as to the economic future for the Asia-Pacific region.
The study also revealed that firms' pricing power was also eroded in December as: 'the weaker demand environment led to strong price competition between firms, resulting in average charges being cut at a marked rate.'
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