Markit: Russia July Manufacturing PMI rises to 6-mo high of 52.7

MOSCOW, Aug 1 (PRIME) -- Russia’s Manufacturing Purchasing Managers' Index (PMI) signaled that business conditions in the Russian manufacturing sector improved at the fastest pace since January, to 52.7 in July from 50.3 points in June, researcher IHS Markit said in a statement released on Tuesday.

Growth was driven by strong expansion in output and new orders which both reached six-month highs, Markit said.

“The latest PMI reading signaled a strong improvement in operating conditions in the Russian manufacturing sector in July. Driven by solid expansions in output and new orders, backlogs increased at a record pace,” the statement read quoting Sian Jones, Economist at IHS Markit as saying.

Output among Russian manufacturing firms increased in July, extending the current sequence of growth to 15 months. Panelists noted that the upturn in production was due to higher client demand and a rise in new orders. Overall, the pace of expansion was strong, Markit also said.

It added that new orders received by Russian manufacturers expanded at a solid pace in July, which accelerated to the fastest since January.

For further details, see the note on the researcher’s official Web site:

https://www.markiteconomics.com/Survey/PressRelease.mvc/6b6a60ab910c4a33a1605134d613c65e

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