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Financial News: Russia Services Growth Softens More Than Expected

Russia Services Growth Softens More Than Expected

07/05/2017 - 02:56:00 (RTTNews)

(RTTNews) - Russia's service sector growth eased at a faster-than-expected pace in June, though the rate of expansion remained strong, survey figures from IHS Markit showed Wednesday.

The IHS Markit Russia Services Business Activity Index dropped to 55.5 in June from 56.3 in May. Economists had expected the index to fall to 56.0.

However, any reading above 50 indicates expansion in the sector.

Among components, solid growth in new business resulted higher employment in June. On the price front, both cost burdens and output charges rose, but at historically weak rates.

The Composite PMI, which combines manufacturing and services, fell to an eight month low of 54.8 in June from 56.0 in May.

"IHS Markit forecasts GDP growth of 1.5 percent in 2017, however recent sluggish manufacturing performance could act as a drag on expansion," Sian Jones, Economist at IHS Markit, said.

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