Indian Economy Expands More Than China In Last Quarter

11 October 2012 11:00am - Which Way to Pay

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Indian Economy Expands More Than China In Last Quarter

An HSBC survey said economic growth in emerging market economies slowed in the July to September quarter on poor performance by the manufacturing sector, but India expanded more than China. The HSBC Emerging Markets Index (EMI) slipped to 52.1 in the third quarter of the year, from 53.2 in the previous quarter.  A better performance from the services sector was offset by the poor performance of the manufacturing sector, as global demand softened. HSBC said, among the four emerging markets, expansion in India and Russia were better than Brazil and Russia were better than Brazil and China.

The HSBC EMI, which is based on Purchasing Managersí Index surveys conducted across the emerging markets, stayed above the 50-mark that differentiates growth from slowdown, HSBC stated that the global economic condition is posing strong headwinds for them. "Emerging economies are being impacted by the misery of the developed world as the deteriorating global trade cycle, weaker external demand and falling new export orders hit manufacturing output and the services outlook," HSBC's chief economist for Central and Eastern Europe and sub-Saharan Africa Murat Ulgen said.

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