HSBC survey sees signs of growth pickup in emerging markets
LONDON (REUTERS) - Emerging markets ended 2012 with a modest acceleration in economic growth, thanks to a pickup in manufacturing activity that hints at further improvement in coming months, according to a survey.
All four big Bric economies posted a rise in economic activity in the last quarter of last year, with Chinese manufacturing returning to growth for the first time in 18 months, according to HSBC's emerging markets index (EMI).
The EMI, based on 23 service and manufacturing purchasing managers' surveys conducted in 18 countries, rose to 52.9, up marginally from 52.2 in the July-September quarter.
While the index is under its post-financial-crisis average of 54.4, it is inching further away from the 50 mark that separates growth from contraction.