Economic and Market Overview for Q4 2025

The global economy expanded in the last quarter of 2025, largely led by the manufacturing and services sectors. In
October, the Global Composite Purchasing Managers Index (PMI) Output Index recorded a gain of 1.15%, reaching 53
as opposed to 52.4 recorded in September 2025, signaling consistency with the International Monetary Fund (IMF)
projected Global GDP growth of 3% for 2025. Inflationary pressures also eased despite headwinds in trade conditions,
largely due to a downturn in export orders. The month of November, in contrast, saw a recovery and stabilization of
export orders. However, the Index posted 52.7, representing a marginal decline of 0.57% compared to the previous
seventeen-month high of 53. Manufacturing and service sectors continued to dominate global growth in November,
with the Services PMI Business Activity Index posting 53.3. India, the US and the Euro Area registered output growth
above the global average. In December 2025, the rate of global expansion softened further, largely driven by
unemployment concerns. Global PMI recorded its lowest in six months to 52. The last month of 2025 also signaled slow
demand in the coming months of 2026 as new orders marginally declined. Download this report to access more insights.