Service sector drives growth in Asia as manufacturing slows

The Asian economy saw sustained expansion in June, although growth of manufacturing activity weakened further, according to the latest PMI data. The Asia Composite PMI, compiled by IHS Markit from its various national surveys, rose to 52.2, slightly higher than 52.1 in May. June data brought the Q2 average to 52.0, largely unchanged from 52.1 in Q1 but still below the global PMI, which averaged 53.7. Historical comparison with GDP indicated that the Asian economy expanded at a rate of approximately 5.5% per annum over the first half of 2017.

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