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Financial News: Russia Service Sector Growth At 4-Month Low

Russia Service Sector Growth At 4-Month Low

12/31/2019 - 02:48:00 (RTTNews)

(RTTNews) - Russia's service sector growth eased to the lowest in four months in December, survey data from IHS Markit showed on Tuesday.

The services Purchasing Managers' Index fell to 53.1 in December from 55.6 in November. However, any score above 50 indicates expansion in the sector.

The rate of new business growth rose in December, which was the second-fastest since March. Service providers recorded a rise in new business from abroad.

On the price front, cost burden of service providers climbed at the sharpest rate for four months and input price inflation was largely linked to higher supplier and wage costs. The rate of charge inflation softened to a moderate pace to the second-slowest since September 2018.

The degree of confidence for the coming year fell to the lowest for over two years.

Employment rose for the fourth month in a row in December, albeit at the slowest pace since September and backlogs of work fell at a solid and accelerated pace.

Overall private sector continued to signal an expansion in December, albeit at a slower pace. The composite output index declined to 51.8 in December from 52.9 in the previous month.

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