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Financial News: Russia Manufacturing Sector Continues To Shrink In May

Russia Manufacturing Sector Continues To Shrink In May

06/01/2020 - 06:25:00 (RTTNews)

(RTTNews) - Russia's manufacturing sector contracted further in May, due to the coronavirus, or Covid-19, outbreak, survey data from IHS Markit showed on Monday.

The Manufacturing Purchasing Managers' Index, or PMI, rose to 36.2 in May from 31.3 in April. However, this was the second sharpest deterioration since early-2009. Any reading below 50 indicates contraction in the sector.

The decline in output was among the strongest over eleven years. New business logged one of the most severe fall since December 2008, as global lockdown and temporary customer closure led to subdued demand.

New export orders declined significantly in May as the drop in foreign demand outpaced any seen since the depths of the global financial crisis.

The number of workforce was reduced in May and the fall was attributed to a reduction in new orders and backlogs of work.

Sentiment towards output for the next 12 months turned negative, citing fears of a lengthy recovery and further sustained period of muted demand.

On the price front, input cost rose at a steeper rate in May as suppliers increased their charges. The rate of input price inflation was among the fastest since the VAT hike in early-2019. Consequently, firms raised their charges at a solid rate.

"Declines in domestic and foreign demand weighed on output, as the impact of the COVID-19 outbreak and emergency measures were felt yet again by goods producers," Sian Jones, an economist at IHS Markit said.

"Manufacturers do not foresee conditions improving over the next year, as expectations turned pessimistic for the first time on record," Jones added.

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