Emerging-market economic growth was lackluster in the fourth quarter of 2011 as the euro-zone crisis loomed over markets and manufacturing output slowed, according to data from HSBC released Tuesday, January 16.

The HSBC Emerging Markets Index, its quarterly assessment of purchasing-managers indexes in 16 countries, was little changed in the fourth quarter of 2011, edging up to 52.2 from 52.0 the previous quarter. The PMI surveys collectively track business conditions at more than 5,800 reporting companies. A reading of 50 or higher indicates expansion.

"Emerging markets finished 2011 with only a marginal improvement in economic expansion for the final quarter, emphasizing a decline in world trade growth over the year after peaking at the beginning of 2011," HSBC's chief economist Stephen King said in a statement.

A decline in manufacturing was a major factor preventing further economic expansion in these markets, HSBC said in its quarterly report on the index. Emerging-markets manufacturing output fell at the sharpest pace since early 2009 in the fourth quarter, with emerging Asia seeing the weakest activity for the sector. China, Hong Kong, Taiwan and South Korea reported declines in factory output in the last quarter, ADR Media reported.