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Slowdown due to demonetisation: PMI services shrinks in November after 17 months

Nomura forecasts slowdown in GDP growth to 6.5% in December quarter

Dilasha Seth  |  New Delhi 

The services sector contracted for the first time in 18 months in November, indicating economic slowdown due to demonetisation. The Nikkei Services Purchasing Managers' Index (PMI) fell to 46.7 in November from 54.5 in the previous month, the sharpest reduction in three years.

A reading above 50 indicates growth and a reading below shows contraction. This may be an early indicator of deceleration of the gross domestic product (GDP) in the December quarter. “The latest set of PMI figures for the Indian services sector shows companies were heavily impacted by the note ...

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First Published: Tue, December 06 2016. 09:06 IST
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