LONDON Tue Jan 6, 2015 11:01am EST

The pace of global business growth eased to its weakest rate in over a year at the end of 2014 as rates of expansion slowed in both the manufacturing and service industries, a survey showed on Tuesday.

JPMorgan's Global All-Industry Output Index, produced with Markit, fell to a 14-month low of 52.3 in December from November's 53.1 but has now held above the 50 mark that divides growth from contraction for more than two years.

"The latest PMI data point to a further easing in the rate of global economic growth at the end of last year," said David Hensley at JPMorgan. "The underlying dynamics of the survey are weaker across the board, with indices for output, new orders, backlogs and employment all tracking lower."

A global PMI covering the service industry also fell to a 14-month low, coming in at 52.3 compared to November's 53.4. Global manufacturing activity expanded at its weakest pace in more than a year at the end of 2014, a similar survey showed on Friday.

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