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Financial News: Russia Manufacturing Growth At 7-Month High

Russia Manufacturing Growth At 7-Month High

09/01/2022 - 03:35:00 (RTTNews)

(RTTNews) - Russia's manufacturing activity expanded at the strongest pace in seven months, as strong domestic demand drove output higher, survey data from S&P Global showed on Thursday.

The S&P Global Russia Manufacturing Purchasing Managers' Index, or PMI, rose to 51.7 in August from 50.3 in July. A reading above 50 indicates expansion in the sector.

New orders grew at the fastest pace since April 2019, due to the acquisition of new customers and stronger domestic client demand.

Meanwhile, new export orders fell further in August and the latest rate of decline was the quickest in three months.

Output rose for the first time in seven months in August, though marginally.

On the price front, input price inflation softened to a 30-month low amid falling costs for raw materials. Meanwhile, the rate of factory price inflation was only marginal overall as companies sought to drive sales.

Firms continued to reduce their workforce numbers as backlogs of work were reduced further and at a solid pace in a sign of excess capacity.

Business confidence remained upbeat in August, but softened from July. The positive sentiment was attributed to investment in marketing and hopes of stronger client demand.

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