Russia’s Services Purchasing Managers’ Index (PMI) continues to outperform rising to 56.5 in February from 55.1 in January, IHS Markit said in a report on March 5.
“February survey data signalled a steep and accelerated expansion in business activity across the Russian service sector. Greater client demand was also reflected in a quicker rise in new orders, the strongest seen since last November,” the statement read.
IHS Markit also said that in response to increased output requirements, service sector firms expanded their workforces at the fastest rate since December 2012. Business confidence remained robust, with the degree of optimism the second highest since July 2011 in the period.
“An improvement in demand conditions also drove a further rise in new business received by Russian service providers. February data indicated a sharp increase in new orders, the fastest for three months.” The IHS Markit Russia Composite Output Index, covering both manufacturing and services, also increased to 55.2 in February as compared with 54.8 in January.
Services improvement followed on from a poor result in the manufacturing index a week earlier. Russia’s manufacturing PMI index stumbled in February, after a good start to the year, highlighting the fragile nature of the country’s economic recovery. The index barely budged, posting a 50.2 score, only just above the 50 no-change mark, its smallest increase in more than a year and half, IHS Markit said in a press release. That result is way down on the 52 and 52.1 manufacturers scored in December and January respectively.