Our EM-wide manufacturing PMI edged down last month, but industry still appears to have ended 2013 stronger than it was in the third quarter of last year. At a regional level, activity accelerated in Latin America, while it slowed in Emerging Europe and Emerging Asia. More generally, it seems that manufacturing in the smaller, more open EM economies is outperforming the larger EMs on the back of stronger demand from the developed world.
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