Core Viewpoint - The manufacturing PMI for April has dropped to 49.0%, indicating a contraction in the manufacturing sector, influenced by high previous growth rates and external environmental changes [2][3][18]. Group 1: PMI Data Overview - The manufacturing PMI decreased from 50.5% to 49.0%, with the production index falling from 52.6% to 49.8% [2][18]. - The new orders index declined from 51.8% to 49.2%, while the new export orders index dropped significantly from 49.0% to 44.7% [2][18]. - The employment index fell from 48.2% to 47.9%, and the raw materials inventory index slightly decreased from 47.2% to 47.0% [2][18]. Group 2: Industry Performance High-Tech Manufacturing - High-tech manufacturing continues to expand with a PMI of 51.5%, significantly above the overall manufacturing level, supported by production and new orders both above 52.0% [5][10]. - Other sectors like equipment manufacturing, consumer goods, and high-energy industries saw declines in their PMIs, indicating varying levels of economic performance [5][10]. Infrastructure - The civil engineering business activity index rose to 60.9%, up 6.4 percentage points, reflecting accelerated construction progress across various projects [13][20]. - The government aims to expedite funding for infrastructure projects, with significant budget allocations already made for 2023 and 2024 [14][20]. Resident Services - The service sector, particularly in areas related to tourism and leisure, remains robust, with relevant business activity indices above 50% [15][16]. - The government emphasizes the development of service consumption as a key area for economic growth, with specific measures to enhance consumer spending [16].

Manufacturing Sector - The manufacturing PMI for April is 49.0%, down from 50.5% in the previous month, indicating a contraction[4] - The production index decreased to 49.8%, a drop of 2.8 percentage points from 52.6%[4] - The new orders index fell to 49.2%, down from 51.8%[4] - The new export orders index is at 44.7%, down from 49.0%[4] - The employment index is at 47.9%, slightly down from 48.2%[4] Other Sectors - The construction sector's business activity index is at 51.9%, a decrease of 1.5 percentage points from the previous month[4] - The services sector's business activity index is at 50.1%, down by 0.2 percentage points[4] - The composite PMI output index is at 50.2%, a decline of 1.2 percentage points but still above the critical point[4] High-Tech Manufacturing - High-tech manufacturing continues to expand with an index of 51.5%, significantly above the overall manufacturing level[5] - The production and new orders indices for high-tech manufacturing are both above 52.0%[5] Infrastructure and Policy Support - The civil engineering business activity index rose to 60.9%, an increase of 6.4 percentage points, indicating accelerated project construction[6] - The government plans to expedite funding for infrastructure projects, aiming to finalize the 2025 project list by the end of June[6] Consumer Services - The consumer services sector remains robust, with indices for air transport, entertainment, and related services all above 50%[7] - Future policies will focus on boosting service consumption to enhance economic growth[7]