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EMI grows stronger

New orders in Poland rose at the fastest rate since early 2011

Growth in emerging markets is gaining momentum. The HSBC Emerging Markets Index (EMI) rose to 52.1 in November from 51.7 in October, the fastest expansion in business activity since March.

Regional view

  • "Recovery remains on track in emerging markets with output trending up, while new orders and employment eased a touch. The good news is that exports should recover"
    Pablo Goldberg
    Global Head of Emerging Markets Research
  • "UAE now leads the boom in the oil-rich Gulf. Egypt finally stabilising but at a low base; further gains contingent on political order"
    Simon Williams
    HSBC Chief Economist, Middle East and North Africa
  • "All around solid growth. Even India is back above water. Don’t get too carried away though: exports and employment still shaky"
    Frederic Neumann
    Co-Head of Asian Economic Research
  • "No positive month for Brazil, with a slight industry contraction and minor growth of services; Mexico rebounding firm on manufacturing"
    Andre Loes
    HSBC Chief Economist, Latin America
  • "Activity gains traction across the region barring Russia’s poor performance; Turkey and Central and Eastern Europe enjoy new business from the eurozone"
    Murat Ulgen
    HSBC Chief Economist, Central and Eastern Europe and sub-Saharan Africa

Growth in the services sector was unchanged from October’s seven-month high. Faster growth in manufacturing reflected stronger momentum in China, a resumption of growth among Indian manufacturers, and marked increases in Turkey and Eastern Europe. This included Poland where new orders rose at the fastest rate since early 2011. But Indonesia, Russia, Brazil and South Korea held back manufacturing growth.

Manufacturing activity gained traction during the month, reaching its fastest pace of expansion since March

Andre Loes,
HSBC Chief Economist, Latin America

Andre Loes, HSBC Chief Economist, Latin America said “Manufacturing activity gained traction during the month, reaching its fastest pace of expansion since March... Services confirmed the steady expansion of recent months – including output, orders and employment – although the pace was unchanged from October”.

Overall growth in the EMI remained moderate, and below the long-term trend. Taking manufacturing and services together, expansion continued in China, Russia and Brazil. But India’s private sector contracted for the fifth month in a row after a disappointing performance in services.

New orders continued to grow at a moderate rate and employment rose for the second month running, though at a weak rate. Inflationary pressures were unchanged from October, though the cost of firms’ supplies rose at a faster rate than their selling prices.

The EMI is derived from HSBC Purchasing Managers’ Index™ (PMI™) reports in 17 emerging economies. A reading above 50 signals growth; below 50 signals contraction.

The intellectual property rights to the HSBC Emerging Markets Index provided herein is owned by Markit Economics Limited. Any unauthorised use, including but not limited to copying, distributing, transmitting or otherwise of any data appearing is not permitted without Markit’s prior consent. Markit shall not have any liability, duty or obligation for or relating to the content or information (“data”) contained herein, any errors, inaccuracies, omissions or delays in the data, or for any actions taken in reliance thereon. In no event shall Markit be liable for any special, incidental, or consequential damages, arising out of the use of the data. Purchasing Managers' Index™ and PMI™ are trade marks of Markit Economics Limited, HSBC use the above marks under licence. Markit and the Markit logo are registered trade marks of Markit Group Limited.

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