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Financial News: Russia Service Sector Deteriorates In October

Russia Service Sector Deteriorates In October

11/05/2020 - 02:42:00 (RTTNews)

(RTTNews) - Russia's service sector contracted in October, survey data from IHS Markit showed on Thursday

The services Purchasing Managers' Index fell to 46.9 in October from 53.7 in September. Any reading below 50 indicates contraction in the sector.

New business contracted for the first time since June and a solid decline was seen in new orders. New export orders fell at a sharp rate that was quickest for three months.

The number of workforce decreased in October and at the fastest pace since June. The backlogs of work declined further in October.

Firms expect a rise in activity over the next 12 months, with the degree of confidence falling to the lowest in five months.

Cost burden rose strongly in October and input prices increased. The rate of charge inflation was solid, after easing slightly in the previous month.

The composite output index decreased to 47.1 in October from 53.7 in the previous month.

"A resurgence in virus-related restrictions and weak client demand plunged the Russian service sector back into contraction at the start of the fourth quarter," Sian Jones, economist at IHS Markit, said.

"Our latest forecast sees a 9.5 percent decline in GDP during the fourth quarter compared to the same period a year ago, with the downturn expected to be extended into the opening three months of 2021," Jones said.

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