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Financial News: Russia Manufacturing Growth Strongest In 70 Months

Russia Manufacturing Growth Strongest In 70 Months

02/01/2017 - 01:24:00 (RTTNews)

(RTTNews) - Russia's manufacturing activity expanded at the sharpest pace in nearly six years in January, as output, new orders and employment all rose at faster rates, survey data from IHS Markit showed Wednesday.

The seasonally adjusted Purchasing Managers' Index, or PMI, climbed to a 70-month high of 54.7 in January from 53.7 in December. A score above 50 indicates expansion in the sector.

Stronger demand for Russian manufactured goods was reflected in the sharpest uptick in new work for almost six years. However, new export orders dropped further.

On the back of stronger underlying demand in the sector, manufacturers raised their production at the quickest pace in 70 months.

Greater workloads encouraged companies to add to their workforce numbers further in January and at the fastest rate since March 2011.

"Backlogs of work rose to the greatest extent in almost ten-and-a-half years, suggesting the current intensity of growth is likely to be sustained over the next few months," Samuel Agass, Economist at IHS Markit, said.

On the price front, both output charges and input costs increased at a slower pace than in December.

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