News Worms
News Worms


Dark clouds hang over construction industry despite unexpected growth

Dark clouds hang over construction industry despite unexpected growth

An employee sets a table inside a restaurant at the Crown Plaza hotel, run by the InterContinental Hotels Group (IHG), in New Delhi, January 31, 2014.

Mumbai: While the activity in the manufacturing sector slackened in October, the services sector registered growth for the second consecutive month due to a surge in new work orders.The Nikkei India services PMI rose to 51.7 in October from 50.7 in September. Any figure above 50 denotes an expansion in the sector.

During those months, confusion over product pricing following the implementation of the new Goods and Services Tax pushed manufacturing and services sectors into contraction.

New business received by service providers rose further in October, but the growth rate was weaker than in September. "The recovery from the implementation of the GST in July was sustained in the private sector in October, mainly radiating from service providers, as growth in manufacturing was relatively subdued", said Aashna Dodhia, economist at IHS Markit.

"Business activity across services, manufacturing and construction grew at its fastest rate for six months, representing an encouragingly solid start to the fourth quarter", he continued.

"The Czech National Bank (CNB) is highly likely to hike its policy rate by 25 basis points at Thursday's meeting, following a 20-basis-point hike in August and the removal of the Swiss-type euro/crown floor in April", Anders Svendsen, Nordea chief analyst said in a note.

The research showed order books and "resilient" demand from clients boosted the sector, alongside a "positive development in terms of operating expenses" as cost inflation eased to its lowest since September previous year. The economy is expected to expand 6.7 percent this fiscal year, its weakest pace in four years, a recent Reuters poll showed.

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