Financial News: Russian Manufacturing Activity Expands Strongly On Robust

Russian Manufacturing Activity Expands Strongly On Robust Demand

02/01/2023 - 05:01:00 (RTTNews)

(RTTNews) - Russia's factory activity continued to expand strongly at the start of the year, underpinned by a further rise in production, fewer supply delays along with a faster expansion in new orders, the purchasing managers'survey data from S&P Global showed on Wednesday.

The S&P Global Russia Manufacturing Purchasing Managers' Index, or PMI, dropped to 52.6 in January from 53.0 in December. However, a reading above 50 indicates expansion in the sector.

New orders grew at the fastest pace since April 2019 amid stronger client demand and the acquisition of new customers. This was more evident in the domestic market, as new export orders contracted for the twelfth successive month. Production also logged a further rise in January, albeit modestly.

On the price front, input price inflation accelerated to a three-month high, linked to higher supplier prices and unfavourable exchange rate movements, which drove a surge in imported goods prices.

Consequently, selling prices rose for the third straight month, though the rate of inflation has eased since December, largely reflecting weak pricing power. Manufacturing employment increased at the steepest rate since February 2011.

The survey also revealed that supplier delivery times continued to lengthen in January, but pressure on supply chains eased.

Looking ahead, the level of optimism regarding output over the coming year was the strongest for almost four years amid hopes of further expansions in new sales.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Germany Producer Price Inflation Eases To 15.8%, Lowest Since Sep 2021 (01 hr(s), 18 min(s), 24 sec(s) ago)
(RTTNews) - Germany's producer price inflation eased for the fifth straight month in February ...Full Story»

Malaysia Trade Surplus Shrinks To MYR 19.56 Bln (02 hr(s), 45 min(s), 24 sec(s) ago)
(RTTNews) - Malaysia's trade surplus decreased slightly in February, as imports grew faster th ...Full Story»

European Economic News Preview: Eurozone Foreign Trade Data Due (03 hr(s), 25 min(s), 24 sec(s) ago)
(RTTNews) - Foreign trade from the euro area and producer prices from Germany are the top economic ...Full Story»

China Retains Benchmark Lending Rates As Expected (03 hr(s), 44 min(s), 24 sec(s) ago)
(RTTNews) - China retained its benchmark lending rates for the seventh straight month on Monday af ...Full Story»

China Loan Prime Rate Due On Monday (29 min(s), 36 sec(s) ago)
(RTTNews) - The People's Bank of China will announce its latest loan prime rate numbers, highl ...Full Story»

U.S. Consumer Sentiment Unexpectedly Drops In March, Inflation Expectations Dip (10 min(s), 36 sec(s) ago)
(RTTNews) - Consumer sentiment in the U.S. fell for the first time in four months in March, accord ...Full Story»

Russia Central Bank Keeps Key Rate Unchanged At 7.50% (04 min(s), 36 sec(s) ago)
(RTTNews) - Russia's central bank decided to keep its key interest rate unchanged for the four ...Full Story»

U.S. Leading Economic Index Falls For Eleventh Straight Month In February (56 min(s), 36 sec(s) ago)
(RTTNews) - The Conference Board released a report on Friday showing its reading on leading U.S. e ...Full Story»