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Financial News: Russia's Manufacturing Sector Continues To Expand In March

Russia's Manufacturing Sector Continues To Expand In March

04/03/2017 - 02:42:00 (RTTNews)

(RTTNews) - Russia's manufacturing activity continued to expand solidly in March, though the growth rate eased fractionally, survey data from IHS Markit showed Monday.

The manufacturing Purchasing Managers' Index, or PMI, edged down to 52.4 in March from 52.5 in February.

Economists had expected the index to fall to 52.0. However, any reading above 50 indicates expansion in the sector.

Both output and new orders grew for the eleventh successive month in March. Backlogs of work also expanded for the sixth month in a row.

At the same time, new export orders declined at the fastest pace in five months.

Expectations for output levels in the next 12 months remained strong. Sentiment reached a 22-month high in March.

On the price front, input prices rose further in March, driven by increased world prices for materials and reduced supplier stocks. Meanwhile, output prices dropped for the second straight month.

"The fall in output prices will be welcomed by the central bank as it takes steps to meet an inflation target of 4 percent by the end of 2017." Sian Jones, Economist at IHS Markit, said.

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