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Financial News: Russia Services Sector Returns To Growth

Russia Services Sector Returns To Growth

02/03/2021 - 06:52:00 (RTTNews)

(RTTNews) - Russia's service sector expanded in January after three months of contraction, on better demand and sales, survey results from IHS Markit showed on Wednesday.

The services Purchasing Managers' Index rose to 52.7 in January from 48.0 in December. A score below 50 indicates contraction in the sector.

New business grew for the first time since September last year. The increase was modest.

Total sales increased in January. Export demand declined for the eleventh straight month.

Cost inflation eased for the second month in a row in January. Charged inflation was the softest since July 2020.

The degree of confidence in the outlook for the next 12 months was the highest since October 2019.

Employment declined at the slowest pace in the current five-month sequence of decrease. Backlogs of work rose for the first time since November 2017.

The composite output index increased to 52.3 in January from 48.3 in the previous month.

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