Global manufacturing activity expanded at its weakest pace in more than a year at the end of 2014, even though factories cut their prices at the steepest rate for nine months, a business survey showed on Friday.

JPMorgan's Global Manufacturing Purchasing Managers' Index (PMI), produced with Markit, fell to 51.6 in December from November's 51.8.

That was its lowest reading since August 2013. Even so, it has now been above the 50 mark that separates growth from contraction for two years.

However, a PMI covering output prices slid below the break-even mark, coming in at 49.3 compared with November's 50.1.

The PMI combines survey data from countries including the United States, Japan, Germany, France, Britain, China and Russia. – Reuters