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HSBC: India expands fastest in June
July 5, 2013, 10:25 am

[Getty Images]

The HSBC composite index for India stood at 50.9 in June [Getty Images]

India has expanded at the fastest rate among the BRICS nations during June 2013, a new HSBC survey reveals.

The HSBC composite index for India stood at 50.9 in June, whereas for China it was 49.8, Brazil 51.1 and Russia 50.1.

The index provides an overview of the manufacturing and services sectors – a measure above 50 indicates expansion.

Growth in emerging market economies last month was the lowest since the global financial crisis in 2008-09, the survey said.

The HSBC Emerging Markets Index (EMI), a monthly indicator sourced from PMI surveys, depreciated to 50.6 in June.

However, HSBC suggested that the latest setbacks should be seen primarily as “growing pains” and that long term prospects for emerging economies remain “encouraging”.

Figures from China hit a four-year low in the month of June as the country’s manufacturing output witnessed a decline, HSBC said.

“Asia is feeling the pinch from jittery financial markets. The road ahead looks bumpy with manufacturing slowing further” said HSBC Co-Head of Asian Economic Research, Frederic Neumann.

The survey said respondents reflected weaker sentiment in both the manufacturing and services sector in regards to business expectation for the next 12 months.

The HSBC Emerging Markets Future Output Index, a new device tracking business expectations for activity in 12 months’ time, declined in June.

Source: Agencies

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