6/4/19: BRIC Services Lead, Manufacturing Lag Global Growth Momentum


I have blogged recently on BRIC and global PMIs for manufacturing and services, covering the data for 1Q 2019, as well as monthly PMIs for BRIC economies. Here are the 1Q 2019 PMIs for composite economic activity across the same:


In 1Q 2019, only Brazil posted improving Composite PMI reading, with the rest of BRIC economies showing deteriorating growth conditions, in line with continued drop in Global Composite PMI. Over the last 5 quarters, Global Composite PMI has dropped from its peak of 54.23 in 1Q 2018 to 52.5 in 1Q 2019, with current reading at its lowest in 10 quarters.

Of all BRIC economies, India and Russia are outperforming the Global Composite PMI, with Russia posting the fastest growth at 54.1 of all BRIC economies in 1Q 2019. Brazil is statistically in line with Global Composite PMI, while China is a clear under-performer.

Sectorally, the main weakness amongst the BRICs is in Manufacturing, with Services outperforming Global Composite index: