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Financial News: Russia Service Sector Contraction Intensifies On Weaker De

Russia Service Sector Contraction Intensifies On Weaker Demand

12/30/2022 - 03:05:00 (RTTNews)

(RTTNews) - Russia's service sector deterioration worsened at the end of the year, as both output and new orders fell at sharper rates amid weaker demand conditions in domestic and foreign markets, survey results from S&P Global showed on Friday.

The Services Purchasing Managers' Index dropped to 45.9 in December from 48.3 in the previous month. Any reading below 50 indicates contraction in the sector.

Output fell at an accelerated pace in December, as new orders declined at the quickest pace since May.

The reduction in new business was attributed to economic uncertainty and a drop in purchasing power at clients amid severe inflationary pressures. Foreign demand also decreased for the seventh successive month.

Despite easing to a three-month low, input price inflation remained strong in December, linked to higher supplier, fuel and utility costs. In turn, companies raised their selling prices at the fastest rate in three months.

Looking ahead, service providers remain pessimistic towards output expectations for the next twelve months on the backdrop of global economic uncertainty and the impact of inflation.

The composite output index posted 48.0 in December, down from 50.0 in November, signaling a marginal decline in private sector activity.

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