Russia's Manufacturing PMI falls to 52.4 points in January

Russia's Manufacturing PMI falls to 52.4 points in January
The S&P Global Russia Manufacturing Purchasing Managers’ Index (PMI) fell to 52.4 points in January as Russia's overheated economy starts to cool a little. / bne IntelliNews
By bne IntelliNews February 1, 2024

The S&P Global Russia Manufacturing Purchasing Managers’ Index (PMI) fell to 52.4 points in January 2024 from 54.6 points in the previous month, S&P Global analytical agency reported. (chart)

"Despite stronger business confidence, firms left employment broadly unchanged on the month in response to falling backlogs of work," the report said.

Any PMI value above 50 points indicates growth.

The January result was the weakest upturn in the manufacturing sector since July 2023, although it remains well ahead of the rest of Europe which are all seeing contractions.

Stronger than the series average, the rate of growth eased again as the Russian economy starts to cool after a strong 2023 and the structural problems, like high inflation, start to make themselves felt.

The expansion in January was the third month of slowing expansion since last July. Nevertheless, new orders received by manufacturers expanded at a solid pace in the month, as firms noted a sustained uptick in demand conditions and the acquisition of new customers.

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