HSBC survey said economic growth in emerging market economies slowed in the July-September quarter on poor performance by the manufacturing sector, but India expanded more than China.

The HSBC Emerging Markets Index EMI slipped to 52.1 in the third quarter this year, from 53.2 in the April-June period. A relatively better performance from the services sector was offset by the poor performance of the manufacturing sector, as global demand softened.

However, among the big-four emerging markets, expansion in India and Russia was better than Brazil and China, HSBC said.

HSBC's chief economist Murat Ulgen said emerging economies are being impacted by the misery of the developed world as the deteriorating global trade cycle, weaker external demand and falling new export orders hit manufacturing output and the services outlook.