Global Growth Drivers Show Modest Momentum


 
Global economic activity in September remained modest, with the Global Sales Managers Index (SMI) steady at 51.0, just above the no-growth threshold, indicating slow but positive expansion worldwide. The Global Market Growth Index held at 51.0, matching its five-month high, while global Sales Growth edged down slightly to 52.2, its lowest in four months. Prices charged globally rose to 52.2, a three-month high.

Global Headline Sales Managers Index – September 2025
Diffusion Index: 50 = ’no growth’
Global Growth Drivers Show Modest Momentum


India continues to be the clearest driver of global expansion, with Business Confidence holding at 52.0 and headline Sales Managers Index remaining robust at 50.9. Sales Growth and Market Growth in India both support its strong contribution to world activity, and hiring intentions are steadier than in other major economies. China also plays a stabilising role, with Business Confidence at 52.7, slightly lower than last month but still higher than in the US. All-Sector Sales Managers Indexes in China show moderate growth, supported by Manufacturing strength, while Services are experiencing softer momentum.

The US contribution to global activity remains limited, with Business Confidence at only 50.4 and headline Sales Managers Index at 50.4, indicating fragile expansion. Market and Sales Growth are modest, and labour markets remain weak relative to pre-pandemic levels.

Overall, the global picture is one of slow, uneven growth: India is the strongest engine, China provides steady support despite some softening in Services, and the US contributes little to global momentum. The data suggest that 2025 will continue on a steady but subdued trajectory, with little sign of a significant acceleration in the second half of the year.


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