By Susan Mathew

Oct 3 (Reuters) - Emerging market stocks hit 2-1/2-year lows on the first day of the last quarter of the year, as grim manufacturing output globally worsened growth outlook, while Turkey's lira hit record lows on Monday after inflation climbed to a new 24-year high.

Asian stocks .MIAPJ0000PUS slipped 0.9%, with trading thinned by market holidays in China and South Korea. Central European .BUX .WIG and South African stocks .JTOPI also fell, while some bourses rose, with Turkey shares .XU100 jumping 2.7%.

Sentiment remained weak as factory activity data from around the globe showed continued weakness on slowing demand in China and advanced economies amid cost pressures.

An index of emerging market stocks .MSCIEF fell 0.9%, while the currencies counterpart .MIEM00000CUS lost 0.4%.

"We expect conditions to remain subdued, as weaker global demand, high inflation and tighter monetary policy continue to drag on manufacturing activity," said Gareth Leather, seniore Asia economist at Capital Economics.

Emerging markets have had a tough year due to recession worries stemming from central banks undertaking aggressive monetary tightening to tame surging inflation. The EM stocks index is down almost 30% so far in 2022, on track for its worst yearly decline since the global financial crisis of 2008.

Turkey's lira TRY= TRYTOM=D3 hit a record low of 18.56 after data showed annual inflation in September rose to 83.45%, although less than the 84.63% that was expected.

Despite a runaway inflation, Turkey's central bank delivered two rate cuts this year, with the subsequent slide in the lira contributing further to rising prices.

Capital controls, in place since December, have slowed the lira's slide but with the government's demand for stimulus, the outlook for a recovery looks bleak. The currency is down about 28% so far this year.

Indonesia's rupiah IDR= was among the biggest decliners in Asia, down 0.5% after annual inflation in September accelerated to its highest since October 2015 at 5.95%.

Russia outperformed after data showed manufacturing activity grew at its fastest rate in 3-1/2 years in September, driven by rises in production, new orders and client demand. Western sanctions, however, continued to weigh on exports.

Investors will be watching Brazil markets after first round presidential elections on Sunday showed far-right President Jair Bolsonaro outperformed polling and prevented leftist former President Luiz Inacio Lula da Silva from gaining an outright victory. This may lift markets, analysts said, as voters go to the polls again on Oct. 30. For GRAPHIC on emerging market FX performance in 2022, see Link For GRAPHIC on MSCI emerging index performance in 2022, see Link

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Reporting by Susan Mathew in Bengaluru; editing by Uttaresh.V