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Financial News: Russian Manufacturing Growth Eases In October

Russian Manufacturing Growth Eases In October

11/01/2022 - 04:42:00 (RTTNews)

(RTTNews) - Russia's manufacturing activity expanded at a slower pace in October, as growth in new orders and output eased, survey data from S&P Global showed on Tuesday.

The S&P Global Russia Manufacturing Purchasing Managers' Index, or PMI, dropped to 50.7 in October from 52.0 in September. However, a reading above 50 indicates expansion in the sector.

Both output and new orders rose at a slower rate in October. Demand was boosted by import substitution efforts, but output growth was the slowest in four months.

New export orders were negatively affected by limitations on international trading partners following sanctions.

On the price front, input price inflation accelerated to a five-month high in October, linked to higher logistics, transportation, supplier and imported goods prices. Meanwhile, output prices remained broadly unchanged.

Employment declined at the quickest pace in six months due to labor shortages.

Russian Manufacturers showed positive output expectations for the next twelve months, as the outlook index was the second-highest since April 2019 amid hopes of increased client demand and investment in product development.

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