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Financial News: Russia Manufacturing Growth Slows In April

Russia Manufacturing Growth Slows In April

05/04/2021 - 06:15:00 (RTTNews)

(RTTNews) - Russia's manufacturing expansion eased in April as output growth slowed and new orders declined, survey data from IHS Markit showed Tuesday.

The IHS Markit Russia Manufacturing Purchasing Managers' Index, or PMI, eased to 50.4 in April from 51.1 in March. A PMI reading above 50 signals growth in the sector.

Output continued to increase in April and production grew at a softer pace. New orders contracted for the first time due to weaker client demand.

New export orders declined in April, albeit at a softer pace. Suppliers' delivery time lengthened.

Input cost increased in April and the rate of cost inflation was the fastest for six years. Selling prices increased and was the sharpest since February 2015.

Employment continued to rise in April and backlogs of work declined.

"Nevertheless, optimism among firms continued to prevail as hopes of economic recovery and stronger demand lifted confidence to its highest since January 2020," Sian Jones, economist at IHS Markit, said.

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