Markit: Russia’s Manufacturing PMI hits 5-year record in November

MOSCOW, Dec 1 (PRIME) -- Russia’s November Manufacturing purchasing managers’ index (PMI) increased to a 5-year record of 53.6 from 52.4 in October, researcher Markit said in a statement seen by PRIME on Thursday.

“November survey data signaled a strengthening of Russia’s manufacturing sector, with the performance the best since early-2011. Driving the overall improvement were sharper increases in production and new orders, while firms increased their purchasing activity at a marked rate. Meanwhile, inflationary pressures remained subdued comparative to historical standards,” Markit said.

“Output growth in Russia’s goods-producing sector accelerated to the quickest since March 2011, with the rate of expansion outstripping the historical average. Panel members linked this to stronger demand for Russian goods. Despite the rise in production volumes, Russian manufacturers recorded a further decline in their inventories of finished goods in November.”

“The sector’s growth is being fueled by greater domestic demand for Russian goods, which in turn is translating into substantial production increases. Firms are also experiencing sufficiently low cost pressures to allow them to solidly raise their buying activity in an effort to sustain this expansion,” the researches said citing its economist Samuel Agass as saying.

“November’s solid upturn makes for a stark contrast from the beginning of the year, when firms were struggling to contend with waning demand and steeper cost inflation. Now, moving into December, the sector is on course to enjoy its strongest quarter for almost six years,” Agass said.

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