Russian services sector grows slightly faster in March, PMI shows

Apr3,2024



Moscow: Growth in Russia's service sector accelerates march As new orders Despite this, a survey on Wednesday showed export order There has been a decline for the first time in almost a year workforce issues Continues to cause problems for companies.
S&P Global Purchasing Managers' Index (PMI) for Russian services rose to 51.4 in March from 51.1 in February, rising slightly above the 50 mark that separates expansion from contraction.
“New business continued to expand, and at a faster pace, but a renewed contraction in new export orders weighed on total new sales,” S&P Global said in a statement.
Labor shortages were causing problems for the Russian economy over the past year, but service providers were able to increase employment for the eighth consecutive month.
“Constraints on capacity, as evidenced by a further increase in the backlog of work, remained present despite strong growth in employment,” S&P Global said.
Nevertheless, companies remained confident about future production.
“Although confidence levels fell to a three-month low, they were historically strong,” S&P Global said, noting that companies were underpinned by positive expectations of further increases in consumer demand and investment in advertising campaigns. Were.”
Activity in Russia's manufacturing sector expanded in March at the fastest rate in nearly 18 years, a peer survey showed on Monday, as new export business increased for the first time in five months.



Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *