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Financial News: Russia Manufacturing Growth Slowest In 6 Months

Russia Manufacturing Growth Slowest In 6 Months

02/01/2024 - 03:19:00 (RTTNews)

(RTTNews) - Russia's manufacturing activity grew at the weakest pace in six months as demand conditions softened, especially in the foreign market, the purchasing managers' survey data from S&P Global showed on Thursday.

The S&P Global Russia Manufacturing Purchasing Managers' Index, or PMI, dropped to 52.4 in January from 54.6 in December. However, a reading above 50 indicates expansion in the sector.

New orders received by Russian manufacturers grew at the slowest pace since July, as demand from key export markets waned.

In line with the weaker rise in new business, output growth eased from December's 7-month high, while employment levels broadly remained unchanged at the start of the first quarter.

On the price front, input prices rose at a slower pace in January despite input shortages and transportation delays, as some raw materials dampened the uptick. As a result, selling price inflation eased to the weakest level in seven months.

Stocks of purchases and finished goods decreased in January as supply issues and a slower uptick in purchasing hampered stock building, the survey said.

Russian goods producers remained confident about their production outlook over the next year amid planned investment and hopes of further upticks in client demand.

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