Markit: Russia’s Services PMI falls to 52.6 in April

MOSCOW, May 6 (PRIME) -- Russia’s Services Purchasing Managers’ Index (PMI) fell to 52.6 in April from 54.4 in March, remaining above the 50 no-change mark, which means an overall expansion, research company IHS Markit said in a report on Monday.

Markit’s Russia Composite Output Index that covers both manufacturing and services sectors contracted to 53.0 in April from 54.6 in March.

The April data showed a slowdown in expansion of business activity in the services, with the increase in output being the slowest since June 2018. New orders also slowed down to their 10-month low, but export orders jumped to the highest figures throughout the monitoring period.

“Russian service providers signaled a noticeable slowdown in business activity growth in April. The moderate expansion eased following some reports of less robust domestic demand conditions. Conversely, new export sales rose at the fastest pace in the series history,” Markit Economist Sian Jones said, as quoted in the statement.

“At the composite level, output increased at a solid rate, albeit the slowest for eight months. Overall growth was weighed on by a less robust service sector performance and a moderation in the pace of expansion of goods production,” Jones said.

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