Global emerging markets started 2015 on a weak footing, according to the latest survey data from HSBC and Markit.

The HSBC Emerging Markets Index (EMI), a monthly indicator derived from the PMI surveys, fell back from December’s three-month high of 51.7 to 51.2, the joint-lowest since last May. In 2014, the EMI averaged 51.4, the lowest for any calendar year since the series began in late-2005.

The overall slowdown was driven by the weakest expansion in services activity in eight months. In contrast, manufacturing output growth picked up to the fastest since August.

Among the four largest emerging economies, Russia and Brazil fared worst in January. Russian private sector output declined at the fastest rate since May 2009, while Brazilian output fell for the ninth time in ten months. Chinese growth slowed for the fourth time in five months. India bucked the overall lacklustre trend, registering one of the fastest rates of expansion in two years.

New business growth moderated in January and remained historically weak, while backlogs were broadly unchanged and employment rose only marginally.

Inflationary pressures weakened further in January, as Chinese firms’ input prices fell at the fastest rate since March 2009. Russian inflation remained rampant, however, with manufacturers’ input prices rising at the fastest rate since October 1998.

Saudi Arabia’s nonoil private sector economy continued to grow at a strong pace during January, with new order volumes increasing at the sharpest pace for four months amid reports of strong demand and good market conditions.

The UAE’s non-oil private sector economy continued to register improved operating conditions at the start of 2015. Production remained in strong growth territory, underpinned by a sharp expansion in new orders.

Egypt’s nonoil private sector slid into contraction territory at the start of 2015, with output and new orders falling for the first time since July of last year. Consequently, companies lowered their purchasing activity and reduced their workforce numbers. Input costs continued to increase while charges fell further.

South Africa’s private sector companies reported further declines in output and new orders at the beginning of 2015 amid reports of slow market conditions and weak demand. New export orders also fell in January.