MOSCOW, Sep 1 (PRIME) -- Russia’s Manufacturing Purchasing Managers’ Index (PMI) contracted to 51.6 points in August after soaring to a 6-month high of 52.7 in July, researcher HIS Markit said in a statement on Friday.
“August survey data signaled a solid, but slower improvement in operating conditions in the Russian manufacturing sector. Rates of expansion in output and new orders both eased from July, and employment fell slightly. Meanwhile, price pressures continued to be muted in the context of the series despite accelerating slightly. Firms reported the lowest level of business confidence since January 2016,” Markit said.
“Production among Russian manufacturers increased for the sixteenth month running. Anecdotal evidence indicated that the upturn in output was due to a greater volume of new orders,” the researcher said, adding that new orders received by Russian companies grew solidly in August on the back of a stronger client demand.
IHS Markit also expects Russia’s industrial production to rise 2.9% in 2017 as “solid gains in output and new orders seen so far this year are expected to support the recovery,” the company said citing Economist Sian Jones.
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