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Financial News: Russian Manufacturing Growth Strongest Since August 2006

Russian Manufacturing Growth Strongest Since August 2006

04/01/2024 - 03:31:00 (RTTNews)

(RTTNews) - Russia's manufacturing activity expanded at the quickest pace in more than seventeen-and-a-half years in March amid a remarkable rise in client demand, the purchasing managers' survey data from S&P Global showed on Monday.

The S&P Global Russia Manufacturing Purchasing Managers' Index, or PMI, rose to 55.7 in March from 54.7 in February. A reading above 50 indicates expansion in the sector.

Russian manufacturing activity logged the best performance since August 2006.

The strong growth in March was driven by steeper expansions in output and new orders, with the latter rising at the fastest pace in over 16 years.

According to manufacturers, new order growth was driven by stronger demand conditions, successful marketing campaigns, and new client wins.

New export demand rose for the first time in five months and was the quickest since last August. As a result, output grew at the sharpest pace since January 2017.

Goods producers increased employment in response to increased production requirements. The rate of job creation was the steepest since November 2000.

On the price front, input price inflation softened in March despite a further deterioration in vendor performance and transportation delays. Selling price inflation also moderated to a 9-month low.

Russian goods producers reported a rise in business confidence in March as stronger demand conditions boosted output expectations.

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