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Financial News: Russia Manufacturing Growth Fastest Since March 2019

Russia Manufacturing Growth Fastest Since March 2019

06/01/2021 - 08:14:00 (RTTNews)

(RTTNews) - Russia's manufacturing increased at the fastest in over two years in May, survey data from IHS Markit showed Tuesday.

The IHS Markit Russia Manufacturing Purchasing Managers' Index, or PMI, rose to 51.9 in May from 50.4 in April.

A PMI reading above 50 signals growth in the sector. The latest reading was the highest since March 2019.

The rate of output growth increased at the fastest pace since February and new order inflow expanded in May.

Suppliers' delivery time lengthened in May. Employment rose at the fastest pace since December 2018 and backlogs of work declined further.

On the price front, input prices increased at a softer rate in May, thought it was the second-quickest pace since February 2015.

The degree of confidence decreased to the lowest in four months, amid soaring input prices and pressure on margins.

"Nonetheless, our current forecast anticipates a near 3 percent year-on-year increase in industrial production during 2021," Sian Jones, economist at IHS Markit, said.

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