Turkish economy grows in third quarter amid depreciation of the pound – .

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Turkish economy grows in third quarter amid depreciation of the pound – .


China’s manufacturing activity increased in November, beating estimates, as a large increase in output helped the economy bypass two months of contraction.
The official manufacturing purchasing managers index stood at 50.1 for November, just above the threshold separating the contraction from the expansion of the sector.

But the numbers for companies of different sizes diverged, with large and medium-sized manufacturers on average reporting an expansion of their business, while small companies recording a further contraction.

Earlier in November, China’s State Council unveiled new measures to support small and medium-sized businesses.

Employees assemble pianos at a Perth Music Group factory in Yichang, Hubei province © Getty Images

The Chinese economy has been rocked by a slowdown in the real estate sector and energy shortages in recent months. Both factors, however, showed signs of slowing down in November as officials signaled a crackdown on developers may soon abate and intervened to control fuel prices.

Last month, the manufacturing PMI index stood at 49.2, its lowest level since February of last year. This month’s reading has beaten analysts’ expectations for a contraction reading of 49.6.

Official figures for November, released by the National Bureau of Statistics, showed a 7.4% increase in output in the manufacturing sector.

The other major components of the index – new orders, commodity stores, workers employed and delivery times of supplies – all remained in contractionary territory.

China’s non-manufacturing PMI also saw an expansion in activity, standing at 52.3. That figure brought the country’s composite PMI index to 52.2, its fourth consecutive expansion.

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