Economic activity in the emerging market increased at a slower pace in the second quarter, owing to a slowdown in the manufacturing sector, data from a survey by Markit Economics and HSBC Bank showed Wednesday.

The emerging markets index, which is a composite indicator derived from national purchasing managers' surveys in the emerging markets, decreased to 53 in the second quarter from 53.6 in the first quarter. An index reading above 50 indicates expansion in the sector, while one below suggests decline.

The rate of growth weakened during the latest survey period as a strong performance by the services sector was offset by a modest growth in manufacturing.

Among the four major emerging economies, Brazil's activity growth weakened again having looked more promising earlier in the year and China recorded only modest growth. Global demand for goods produced by emerging market manufacturers continued to weaken during the three-month period. Export orders in Brazil and China declined in contrast to rises seen in India, Russia, Turkey and South Korea.

"Despite a deceleration, emerging economies remain resilient to yet another false dawn in the developed world," Murat Ulgen, HSBC's Chief Economist for Central and Eastern Europe and sub-Saharan Africa, said. "The deepening of the eurozone crisis, disappointing U.S. activity and a slowdown in non-eurozone countries has seen developed growth figures revised down yet again."

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