印度12月经济扩张动能显著放缓 综合PMI下修至年内最低

Core Insights - The HSBC India Purchasing Managers' Index (PMI) indicates a significant slowdown in economic activity in India as of December 2025, with the composite PMI final value revised down to 57.8 from an initial 58.9, marking the lowest level since 2025 [1] - Both manufacturing and services sectors are experiencing a simultaneous slowdown, contributing to the overall reduction in momentum [1] - New orders have seen their slowest growth in 25 months, with weakened growth dynamics in both goods producers and service providers [1] Economic Activity - The composite employment creation has stagnated, with weak hiring activity in manufacturing and a slight decrease in service sector employment [1] - Input costs and output charges have continued to rise modestly, with inflation rates remaining below long-term averages [1][2] Business Confidence - Despite maintaining an optimistic outlook for future business activities, the confidence index has dropped to a 41-month low, indicating a cautious sentiment among market participants [1] - The service sector PMI final value was revised down to 58.0 from an initial 59.1, below market expectations of 59.3 and the November final value of 59.8, representing the weakest expansion since January 2025 [1] Sector Performance - New business and output growth in the service sector have slowed to an 11-month low, although new export orders have increased at a significant pace, outpacing November's growth [1] - Employment in the service sector has seen its first decline since May 2025, albeit marginal, with most companies reporting no change in employee numbers since November [1][2] Price Pressure - Service sector input cost inflation has accelerated compared to November but remains within the most moderate range seen in over five years, with sales prices experiencing only a slight increase, marking one of the weakest rises in nearly two years [2] - Business confidence has weakened to its lowest level in nearly three and a half years, reflecting the challenges faced by the economy [2]