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Financial News: Russian Manufacturing Growth Strongest Since Early 2017

Russian Manufacturing Growth Strongest Since Early 2017

03/01/2024 - 03:50:00 (RTTNews)

(RTTNews) - Russia's manufacturing activity expanded at the quickest pace in just over seven years in February amid a sharp rise in new orders and output, the purchasing managers' survey data from S&P Global showed on Friday.

The S&P Global Russia Manufacturing Purchasing Managers' Index, or PMI, rose to 54.7 in February from 52.4 in January. A reading above 50 indicates expansion in the sector.

Russian manufacturing activity logged the best performance since January 2017, and it was the joint-strongest for almost 13 years.

New orders received by Russian manufacturers grew at the fastest pace since March 2011, linked to stronger client demand, the introduction of new product ranges, and successful sales initiatives. Nonetheless, new export demand fell at the steepest pace in almost a year.

In February, manufacturing output was strong overall and the sharpest since March 2019. As a result, firms raised their employment levels.

On the price front, input costs rose at a sharper pace in February, led by higher transportation, supplier, and raw material costs. However, manufacturers raised their selling prices at a softer rate.

Russian goods producers reported shortages of raw materials as supplier performance continued to decline.

Firms were optimistic about expected output over the next year, and the degree of confidence was the most marked in seven months. This positive outlook is attributed to planned investment in new machinery and hopes of further expansions in new orders.

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