MOSCOW, Feb 5 (PRIME) -- Russia’s Services Purchasing Managers’ Index (PMI) rose to 54.9 in January from 54.4 in December, remaining above the 50 no-change mark, which means an overall expansion, research company IHS Markit said in a report on Tuesday.
Markit’s Russia Composite Output Index that covers both manufacturing and services sectors fell to 53.6 from 53.9.
Business activity across the Russian service sector continued to expand in January, with the rate of growth accelerating from that seen in December, the report said. The upturn in output was supported by a sharp increase in new business and the fastest rise in new export orders since that series began in September 2014.
“The Russian service sector continued to signal healthy growth in business activity at the start of 2019. A faster rise in new business supported a solid rate of job creation among service providers,” Sian Jones, economist at IHS Markit, commented on the survey.
“Of key importance at both the sector and composite level was the recent hike in VAT. Input price inflation faced by service providers spiked to its fastest in over a decade. Encouragingly, service sector firms were able to raise output charges at the quickest rate since December 2014.”
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