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Financial News: Russia Manufacturing Sector Contraction Slows In December

Russia Manufacturing Sector Contraction Slows In December

12/30/2020 - 06:44:00 (RTTNews)

(RTTNews) - Russia's manufacturing sector contracted at a softer pace in December, survey data from IHS Markit showed on Wednesday.

The headline seasonally adjusted IHS Markit Russia Manufacturing purchasing managers' index rose to 49.7 in December from 46.3 in November. Any reading below 50.0 indicates contraction in the sector.

Output continued to decline in December, as subdued client demand weighed on production.

New business continued to decline, albeit at a softer pace. New orders rose for the third straight month in December.

On the price front, the rate of input price inflation increased at the fastest rate in nearly six years and selling prices rose at the sharpest pace since March 2015.

New orders decline slowed in December and the number of workforce fell at a softer pace. The rate of depletion in backlogs of work eased to a solid pace.

Pre-production inventories declined at a softer pace in December and stocks of finished goods were reduced at a sharper rate.

Output expectations strengthened in December and the degree of confidence was at its highest since August.

"Despite such marked rises in prices, the annual rate of inflation is expected to remain below the Central Bank of Russia's target of 4 percent, owing largely to weak domestic demand conditions," Sian Jones, an economist at IHS Markit, said.

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