New Delhi: India expanded at a better rate than the three BRIC peers China, Russia and Brazil in May 2013, according to a survey by HSBC.
The HSBC composite index for India, which records manufacturing and services sector, stood at 52 in May 2013, whereas it was 50.9 for China, 51.2 for Brazil and 51 for Russia.
An index measure of above 50 indicates expansion.
“India has been the bright spot among the largest EM countries, while a combination of external headwinds and domestic issues has led to weakening growth in Brazil, China and Russia,” said Mr Andre Loes, Chief Economist for LATAM, HSBC.
The HSBC Emerging Markets Index (EMI), a monthly indicator derived from the PMI surveys, remained unchanged from April 2013 at 51.4 in May 2013.
Growth accelerated in India on the back of a stronger services sector performance.
Employment grew marginally in May 2013. This was despite goods producers registering a fractional cut in staffing, highlighted HSBC survey.
The HSBC Emerging Markets Future Output Index that tracks firms’ expectations for activity in 12 months time rose for the first time in three months in May. Improved sentiment was driven by the services sector, as manufacturing output expectations were the weakest in five months, according to HSBC.
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