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Financial News: Russia Services Growth Remains Robust

Russia Services Growth Remains Robust

05/04/2017 - 03:14:00 (RTTNews)

(RTTNews) - Russia's service sector growth remained robust in April, despite a mild easing in the pace of expansion, survey data from IHS Markit showed Thursday.

The Markit Russia Services Business Activity Index dropped to 56.1 from March's 56.6, results of the purchasing managers' survey revealed. A score above 50 suggests growth in activity. Economists had forecast a score of 56.2.

The Russian service sector expanded for a fifteenth straight month and ppanelists attributed the growth mainly to increased demand for products and a higher volume of new business.

Service sector input price inflation was the strongest since last December, with the rate of inflation accelerating steeply from March. Higher prices for energy, utilities and transport were commonly cited as reasons behind the acceleration.

Average prices charged by Russian service providers extended the trend seen since December 2009 and rose at the fastest pace since July last year.

Survey data released earlier this week had shown that growth of manufacturing production softened substantially in April, reflecting slower growth in new orders.

Hence, the Russia Composite Output Index that covers, both manufacturing and services, eased to 55.3 in April from 56.3 in March.

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