The S&P Global Hong Kong SAR PMI rose to 53.3 in February 2026 from 52.3 in January, marking a seventh consecutive month of improvement and the strongest expansion in business conditions in nearly three years. The upturn was driven by sharper increases in output and new orders, with overall sales rising at the fastest pace in three months.
Backlogs of work increased for a third straight month, with the pace of accumulation the steepest in 12 years. In response, firms raised employment for the first time in four months, although job creation remained modest. Purchasing activity also expanded sharply, while supplier delivery times lengthened for the first time since November.
On the price front, input cost inflation eased but stayed firm, while output charge inflation accelerated to its highest level since October 2023. Looking ahead, business sentiment improved from January but remained subdued overall, as firms continued to highlight intense competition and weak local demand as key concerns.
