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Financial News: Russia Services Activity Grows In September

Russia Services Activity Grows In September

10/05/2021 - 07:51:00 (RTTNews)

(RTTNews) - Russia's service sector expanded in September, after shrinking in the previous month, data from IHS Markit showed on Tuesday.

The services Purchasing Managers' Index rose to 50.5 in September from 49.3 in August. Any reading above 50 indicates expansion in the sector.

Output and new business increased in September. Total sales rose and new export orders declined.

Input cost increased and the pace of inflation rose to the highest in four months. Selling prices accelerated in September.

Business confidence improved in September, with the degree of confidence for the next 12 months being the strongest since May 2019.

Employment increased in September and the rate of backlogs of work eased to the weakest since April.

The composite output index rose to 50.5 in September from 48.2 in August.

"We currently expect GDP to rise 4.3 percent on the year in 2021," Sian Jones, senior economist at IHS Markit, said.

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