New Delhi, Jun 17 (KNN) Although economic growth in emerging market economies remained slow in May, India expanded at a better rate than the three BRIC countries China, Russia and Brazil, according to a HSBC survey.
 
During May, the HSBC composite index for India, which maps both manufacturing and services sectors, stood at 52, whereas for China it was 50.9, Brazil 51.2 and Russia 51.  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 a media report quoting Andre Loes HSBC Chief Economist, Latin America. 
 
Meanwhile, the HSBC Emerging Markets Index (EMI), a monthly indicator derived from the Purchasing Managers' Index (PMI) surveys, remained unchanged from April at 51.4 in May, indicating a gentle rise in global emerging market output.
 
While growth slowed in China, Brazil and Russia, it slightly increased in India on the backdrop of a stronger service sector performance.
 
However, manufacturing production declined in India, Taiwan and Vietnam while rising marginally in China.
 
Further, new business growth in emerging markets slowed in May, and was the second-weakest in four years.
 
Manufacturing new orders were almost unchanged since April, which marked as a second successive drop in new export orders.
 
Nonetheless, employment rose marginally in May, having been broadly flat in April. This was despite goods producers registering a fractional cut in staffing, HSBC added.
 
Meanwhile, 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 service sector, as manufacturing output expectations were the weakest in five months, it said.  (KNN)