Markit: Russia’s Services PMI falls to 54.4 in March

MOSCOW, Apr 3 (PRIME) -- Russia’s Services Purchasing Managers’ Index (PMI) fell to 54.4 in March from 55.3 in February, remaining above the 50 no-change mark, which means an overall expansion, research company IHS Markit said in a report on Wednesday.

Markit’s Russia Composite Output Index that covers both manufacturing and services sectors rose to 54.6 from 54.1.

New business received by service providers grew strongly in March, despite easing from the sharp rates seen in the previous five months. The expansion was largely broad-based by sector and attributed to new client acquisitions. Furthermore, foreign customer demand strengthened.

“Russian service sector output growth remained solid despite less marked expansions in business activity and new orders in March. In addition, foreign demand strengthened as new export business growth reached a series high,” Sian Jones, economist at IHS Markit, commented on the survey.

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