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PHOTO FILE – A server is preparing a table for service in Haidilao's new Artificial Intelligence Hotspot restaurant in Beijing, China, on November 14, 2018. REUTERS / Jason Lee / Photo File
BEIJING (Reuters) – China's service-sector growth accelerated in March, an official study released on Sunday said, providing a breathing space for a slowing economy.
The official non-manufacturing Purchasing Managers Index (PMI) rose from 54.3 in February to 54.8 in March, well above the 50-point mark that separates growth from contraction.
The fast-growing services sector accounts for more than half of the Chinese economy and has helped mitigate the effects of the slowdown in manufacturing. But it slowed at the end of last year due to the slowing real estate market and declining consumer demand for products ranging from cars to cell phones.
The composite PMI, which covers both manufacturing and service activities, edged up from 52.4 in February to 54.
Reporting by the Beijing Monitoring Bureau; Edited by Paul Tait
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