Services, manufacturing activities in emerging economies witness slower expansion in December: HSBC Survey

08 Jan 2014 Evaluate

As per the HSBC business survey on emerging countries, services and manufacturing sectors across emerging economies recorded slower expansion in December, except in India where the both segments continued to witness contraction. The composite HSBC emerging markets index fell to 51.6 in December from 52.1 in November, showing a weaker rate of expansion. The survey indicated that manufacturing output continued to rise at a faster pace than services output which rose at the slowest rate in three months. New business inflows in global emerging markets rose for the fifth month running, while backlogs continued to expand marginally. HSBC survey further added that inflationary pressures in emerging markets remained muted in December, with average input prices rising at the slowest pace since July, leading to the weakest increase in output prices in the reported month. HSBC Chief Global Economist Stephen King asserted that despite the relative weakness, there is no indication of any imminent descent into recession. HSBC Index value above 50 remains well above the traumatic levels recorded in 2008 and the first half of 2009, however, emerging economies are not expanding at the rapid rates recorded before the onset of the global financial crisis. Meanwhile, Stephen King added that in the longer term, prospects for the emerging world remain encouraging.

Among the largest emerging markets, the composite PMI numbers for China and Brazil witnessed a slight decline in December over November, but remained above the crucial 50 mark. The composite PMI for China declined from 52.3 in November to 51.2 in December and Brazil also witnessed similar trend and dropped slightly from 51.8 in November to 51.7 in December. However, for India, the HSBC composite index was recorded at 48.1 for December, down from 48.5 in November. Meanwhile, the HSBC Emerging Markets Future Output Index that reflects firms' expectations for activity in next 12 months fell to a six-month low in the reported month, reflecting weaker sentiment in both manufacturing and services. In major emerging markets, Brazil continued to post the strongest sentiment regarding anticipated output growth in 2014, while, Russian firms remained less optimistic than their counterparts in China and India.

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Services, manufacturing activities in emerging economies witness slower expansion in December: HSBC Survey

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