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Financial News: Russia's Service Sector Continues To Contract In December

Russia's Service Sector Continues To Contract In December

12/31/2020 - 01:19:00 (RTTNews)

(RTTNews) - Russia's service sector logged another downturn in business activity but the pace of contraction remained moderate at the end of the year, survey results from IHS Markit showed Thursday.

The services Purchasing Managers' Index fell to 48.0 in December from 48.2 in the previous month. A score below 50 indicates contraction in the sector.

The survey showed third consecutive fall in new business due to muted customer demand and fall in purchasing power. Likewise, the fall in new export sales eased in December.

Service providers reported a substantial increase in cost burdens in December. Although the rate of input price inflation softened, it was the second-fastest since March. Selling prices increased the most since April 2019.

Service sector firms were more upbeat regarding the outlook for output over the coming 12 months.

In an effort to cut costs, Russian service sector firms reduced their workforce numbers at a solid pace at the end of 2020.

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