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Financial News: Russia Services Growth At 13-Month High

Russia Services Growth At 13-Month High

08/03/2022 - 03:19:00 (RTTNews)

(RTTNews) - Russia's service sector activity expanded at the fastest pace in just over a year in July, as output growth quickened amid a sharper upturn in new business, survey data from S&P Global showed on Wednesday.

The seasonally adjusted services Purchasing Managers' Index, or PMI, rose to 54.7 in July from 51.7 in June. A reading above 50 indicates expansion in the sector.

Further, the latest reading was the highest since June 2021.

The upturn in output was led by greater new business inflows and stronger domestic client demand, the survey said.

Despite the fastest growth in new orders since August 2020, export orders fell significantly as sanctions dampened foreign client demand in July.

Russian service providers raised their staffing levels for the first time since November 2021 and the rate of job creation was the fastest in over a year.

On the price front, input price inflation eased further from March's recent peak and was the slowest in five months. Meanwhile, output price inflation quickened from June's 16-month low.

Service providers remained confident about the outlook for output in the next twelve months, as they were optimistic regarding improvements in the health of the wider economy and further upticks in client demand.

Data also showed that the composite PMI Output index rose to 52.2 in July from 50.4 in the previous month.

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