MOSCOW, Dec 30 (PRIME) -- Russia’s Manufacturing Purchasing Managers’ Index (PMI) increased to 47.5 in December from 45.6 in November, rising to the highest point in four months, but still remaining below the 50 no-change mark, which means overall deterioration, researcher IHS Markit said on Monday.
The November figure was the lowest since May 2009.
Russian manufacturers indicated a moderate deterioration in operating conditions in December, despite the headline PMI rising to a four-month high. The slower overall contraction resulted from weaker declines in both production and client demand. Firms continued to reduce their workforce numbers and business confidence remained relatively subdued.
“The Russian manufacturing sector remained in the doldrums at the end of 2019, with December data further extending the current run of deteriorating manufacturing health. Although the contraction in new orders eased, demand conditions remained challenging amid hesitancy among clients,” Economist Sian Jones commented on the survey.
“In line with signals from the PMI through the fourth quarter, official data is expected to show industrial production growth having eased in the final months of 2019. Our current forecast points to a year-on-year rise of 2.4% in the final quarter.”
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