Global growth off to solid start in 2014, with global GDP on track for quarterly expansion in excess of 3%; JPMorgan's Global All-Industry Output Index rose to 53.9 in January from 53.8 in December, led by manufacturers

Cindy Allen

Cindy Allen

Feb 6, 2014 – Thomson Reuters Corp.

LONDON , February 6, 2014 (press release) – Global growth remained solid at the start of 2014, pointing to a quarterly GDP expansion of 3 percent, according to a report on Wednesday that showed the upturn again led by manufacturers.

JPMorgan's Global All-Industry Output Index, produced with Markit, nudged up to 53.9 from December's 53.8, above the 50 mark that divides growth from contraction for the 16th month running.

"The latest PMI data highlight a solid start to the year for the world economy, with global GDP growth still tracking at an annualized pace in excess of 3 percent quarter-on-quarter," said David Hensley, a director at JPMorgan.

Its global services index rose to 53.8 from 53.5. A sister survey released on Monday showed manufacturing activity was little changed last month from December as the pace of new orders remained near recent elevated levels.

However, disparities remained between developed and emerging markets, JPMorgan said. Growth was strong in Britain, the United States and Japan but Brazil, Russia and India all saw output contract marginally.

(Reporting by Jonathan Cable; Editing by Gareth Jones)

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