Financial News: Russia Manufacturing Activity Expands Most In 6 Years

Russia Manufacturing Activity Expands Most In 6 Years

03/01/2023 - 03:28:00 (RTTNews)

(RTTNews) - Russia's factory sector grew at the sharpest pace since early 2017 amid quicker expansions in new orders and output, the purchasing managers' survey data from S&P Global showed on Wednesday.

The S&P Global Russia Manufacturing Purchasing Managers' Index, or PMI, rose to 53.6 in February from 52.6 in January. A reading above 50 indicates expansion in the sector.

Output growth accelerated from January, owing to import substitution and a further gain in new orders.

New orders rose at the fastest rate since March 2019 amid greater domestic demand and the acquisition of new clients. Nevertheless, new export orders fell further, though at the slowest rate in one year.

In terms of prices, input price inflation was the highest since May of last year, owing to increases in supplier charges and unfavorable exchange rate movements. Overall, selling price inflation was only marginal in the first half of the year.

Employment increased further in February as a result of increased production and new orders. However, the rate of job creation was the slowest in three months. Purchase activity grew at the fastest pace since October 1997.

The level of confidence among manufacturers fell to a four-month low, despite being hopeful about the year ahead.

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