Asian economy continues to grow in October, led by pharmaceuticals and biotechnology

The Asian economy continued to grow during the period of October, led by growth in the pharmaceutical and biotechnology sectors. These sectors retained their positions at the top of the growth rankings despite reporting a slower rate of expansion than that in September.

According to the latest Nikkei Asia Sector PMI data, complied by IHS Markit, 17 out of the 19 monitored Asia sectors registered output growth during October, up from only eight in the previous month.

The consumer goods sector enjoyed a strong month in October, with all three sub-sector components (Beverages & Food, Automobiles & Auto parts and Household & Personal Use Products) reporting solid expansions in production.

Moreover, automobiles and auto Parts, previously recording a modest contraction of production in September, rebounded in October to record the largest swing in output performance.

Further, marked output growth at Commercial & Professional Services placed the sector second in the output league table. General Industrials and Software & Services experienced a return to growth, improving from September’s contraction.

Meanwhile, other notable performers included Technology Equipment, Healthcare Services and Banks, all of which reported moderate growth of business activity during the month, IHS Markit reported.