Markit: Russia’s Manufacturing PMI falls to 51.7 in December

MOSCOW, Dec 28 (PRIME) -- Russia’s Manufacturing purchasing managers' index (PMI) decreased to 51.7 in December from 52.6 in November, remaining above the 50 no-change mark, which means an overall improvement, Markit reported on Friday.

December data indicated a moderate improvement in the health of the Russia manufacturing sector and the third strongest overall expansion in 2018. Growth was supported by solid upturns in production and new business, it said.

“Russian manufacturers signaled a slight loss of growth momentum in December,” Sian Jones, economist at IHS Markit, said.

“Nonetheless, rates of output and new order expansion remained solid and were among the fastest in 2018. With an increase in value-added tax (VAT) looming in the New Year, firms registered the weakest rise in factory gate charges since March. Some noted that greater competition had driven discounts in selling prices.”

Purchasing power activity increased at a mild rate. The slower rise in input buying coincided with a faster fall in preproduction inventories amid the use of stocks in production.

End