A record rise in the cost of imports in January has taken the shine off a strong performance by the manufacturing sector, which has rebounded since the Brexit vote to record its sixth consecutive months of expanding output. A reading above 50 shows growth in the sector.
The survey said that average purchase prices rose at its steepest rate in quarter-century history, driven by the weak sterling exchange rate and higher commodity costs.
The higher reading could help allay concerns that Asia's third-largest economy was slipping into a prolonged slowdown after the government's program, rolled out in November, to withdraw 86% of bank notes in circulation triggered a severe cash shortage.
Output growth held steady at December's 32-month record, underpinned by the strongest inflows of new business and the fastest job creation since the first half of 2011. "Having eased since the previous month, the rate of reduction was marginal", it said.
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China's statistics bureau said last month that consumption accounted for 64.6 percent of GDP in 2016, while per capita consumption rose 8.9 percent on year to 17,111 yuan ($2,490). France, meanwhile, posted its strongest manufacturing performance in almost six years after the PMI rose ten basis points to 53.6. Input buying increased at a solid pace and inventories declined.
Factory purchasing managers also reported mounting costs and prices.
Myanmar's manufacturing sector has returned to growth at the start 2017 after having deteriorated slightly in December and the improvement in business conditions was supported by growth in output, new orders and employment, IHS Markit said. Manufacturers have responded with an increase in selling prices, which may in turn begin to drive consumer price inflation.
"Looking ahead, the trend for trade will remain challenging given so much uncertainty in the global economy", De Lima said.