* HSBC EM index rises to 53.4 in Q1 vs 52.4 in Q4 2011
* Manufacturing up for first time in three quarters, China a
drag
* Service sector continues to outperform manufacturing
* Inflationary pressures ease, EM countries benefit from
flexible policy
LONDON, April 12 (Reuters) – Economic growth across emerging
markets was the fastest in three quarters in the first three
months of this year as manufacturing rebounded and the services
sector accelerated although growth in China slowed, a survey
showed on Thursday.
HSBC’s emerging markets index (EMI), based on 21 service and
manufacturing sector purchasing managers’ surveys in 16 emerging
economies, rose to 53.4 in the first quarter of this year. That
was up from 52.4 in the fourth quarter of 2011 and further above
the 50 mark that signals growth in activity.
“Compared with Q3 and Q4 there has been some acceleration in
business and service activity in Q1, there has been a bit of an
improvement,” said Murat Ulgen, chief economist, central and
eastern Europe and sub-Saharan Africa at HSBC.
“This is still below the long-term average, it’s too early
to speak of business as usual. The key reason is that
manufacturing is being dragged down by China.”
The data confirms PMI surveys on individual emerging
economies released last week.
Continued…
