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Financial News: Russia Manufacturing Sector Recovers In August

Russia Manufacturing Sector Recovers In August

09/01/2020 - 06:57:00 (RTTNews)

(RTTNews) - Russia's manufacturing sector expanded for the first time in over an year in August, as output and new orders grew, survey data from IHS Markit showed on Tuesday.

The manufacturing Purchasing Managers' Index, or PMI, rose to 51.1 in August from 48.4 in July. Any reading above 50 indicates expansion in the sector.

The manufacturing sector expanded for the first time since April last year.

New orders rose marginally in August and the expansion in the new business was the fastest since April 2019.

New export orders declined marginally, albeit at the slowest pace since May 2019.

The number of workforce decreased in August, though at a slower pace since March. Backlogs of work contracted at a softer pace.

Business confidence declined in August, but the degree of optimism remained solid.

Input cost increased in August and selling price rose at a quicker rate.

Purchasing activity rose for the first time since August last year. Fall in pre-production inventories were linked to greater production requirements as firms used stocks to fulfill orders.

"Our current forecast points to a 6.5 percent decline in industrial production on the year, with output expected to rise 2.9 percent in 2021," Sian Jones, Economist at IHS Markit, said.

"This suggests that any recovery in the manufacturing sector could be drawn out as demand struggles to gain momentum," Jones added.

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