By Daily Mail Reporter
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The storm clouds gathering over the global economy darkened yesterday as factory output faltered around the world.
Manufacturing output in the eurozone fell at its fastest pace in nearly three years in May and growth slowed in the United States and China.
The slowdown spread to South America where figures showed Brazil’s economy grew by just 0.2 per cent in the first quarter of the year â€" half of what was expected.
Disappointing figures: Factory output has declined around the world
The disappointing news from the world’s sixth largest economy cast new doubt on the health of emerging markets.
It came 24 hours after India said its economy grew at the slowest rate in nine years at the start of 2012.
‘There is a lot of heightened uncertainty and risk in the market in the euro area, and this is playing on manufacturers’ minds,’ said Sian Fenner, global macroeconomist at Lloyds Banking Group.
‘It could start feeding through to sentiment in the United States and there are worrying signs from China.’
Financial research group Markit said its closely-watched purchasing managers’ index (PMI) of manufacturing in the eurozone fell from 45.9 in April to 45.1 in May.
It was the lowest reading since June 2009 and the 10th month in a row that it has been below the 50 mark that divides growth from contraction.
Spain was the worst hit country in the eurozone but the slump that began in the region’s periphery has spread to the bloc’s biggest economies â€" Germany, France and Italy.
‘All four of the largest eurozone nations are now reporting worryingly sharp downturns in their manufacturing sectors,’ said Chris Williamson, chief economist at Markit.
‘Eurozone manufacturers reported a deepening downturn in May, indicating that the damage to the real economy caused by the region’s financial and political crises continues to spread across the region.’
The equivalent PMI in the US fell from 54.8 in April to 53.5 in May. In China, it fell to 50.4 â€" the weakest reading of the year so far.
The global manufacturing PMI, compiled by JP Morgan, slid from 51.4 in April to 50.6 in May.
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