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Asian transportation activity sees record rise in February, shows latest Asia Sector PMI survey

The latest Asia Sector PMI data showed that transportation led Asian growth in February. Furthermore, the growth in output in the sector accelerated to the most rapid since the series started in September 2007. Second place in the output rankings was occupied by pharmaceuticals & biotechnology, where business activity rose at the sharpest rate for a year.

A solid performance was also recorded in the beverages & food sector, which rose from sixth to third place in the league table. Output growth in this segment accelerated to the most rapid since January 2017. In the meantime, strong growth in business activity was also recorded in Forestry & Paper Products, Insurance, Construction Materials and General Industrials.

Banks saw no change in activity in the month, after recording the most rapid growth in more than three years in January. The sector subsequently dropped from second to 14th in the growth rankings. Five out of the 19 detailed sectors covered experienced a contraction in business activity during February. The sharpest pace of decline was registered in real estate, while the remaining sectors generally saw modest falls.

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