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Financial News: Russian Manufacturing Expansion Stays Strong On Robust Out

Russian Manufacturing Expansion Stays Strong On Robust Output Growth

12/29/2022 - 03:47:00 (RTTNews)

(RTTNews) - Russia's manufacturing activity logged a further strong expansion at the end of the year on the back of solid growth in output, survey data from S&P Global showed on Thursday.

The S&P Global Russia Manufacturing Purchasing Managers' Index, or PMI, dropped to 53.0 in December from 53.2 in November. However, a reading above 50 indicates expansion in the sector.

The overall growth in the sector was largely driven by a continued expansion of output. Despite easing from November's 27-month low, the rate of output growth was the second-fastest since August 2020.

Employment rose at the fastest rate in over 21 years as a result of greater production.

New orders rose further in December, driven by domestic demand, as new export sales fell again due to the impact of sanctions. Nonetheless, the rate of growth in new business was modest overall.

Capacity pressures were also evident in the Russian manufacturing sector, as the rate of growth in backlogs of work was the steepest since January.

On the price front, input price inflation eased to a three-month low in December. Overall cost burdens were linked to higher supplier prices and material shortages. Meanwhile, output prices grew at the quickest pace since April.

Output expectations strengthened in December amid hopes of stronger client demand and investment in new products.

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