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Financial News: Russia Services Growth Improves Unexpectedly In April

Russia Services Growth Improves Unexpectedly In April

05/07/2018 - 02:24:00 (RTTNews)

(RTTNews) - Russia's service sector activity expanded at an accelerated pace in April, defying economists' forecast for a stable growth, survey data from IHS Markit showed Monday.

The services Purchasing Managers' Index climbed to 55.5 in April from 53.7 in March. Meanwhile, the index was expected to remain steady at 53.7.

Any reading above 50 indicates expansion in the sector.

The composite output index, which covers both manufacturing and services, also rose to 54.9 in April from 53.2 in the previous month.

Among components, new business received by Russian services firms increased at a quicker rate in April, while the pace of job creation eased to a three-month low.

On the price front, increases in services cost burdens were marked and the fastest since December 2015, with panelists linking inflation to higher raw material costs and less favorable exchange rates.

Similarly, charge inflation accelerated to the fastest level in over three years and sharp overall.

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