Markit: Russia’s Services PMI rises to 56.6 in March

MOSCOW, Apr 5 (PRIME) -- Russia’s Services Manufacturing Purchasing Managers' Index (PMI) increased to 56.6 points in March from 55.5 points in February, researcher Markit said in a statement on Wednesday.

“Growth of Russia’s service sector was maintained in March, with the rate of expansion improving slightly since February to round off the strongest quarter since the end of 2012,” Markit said.

Higher overall activity continued to be supported by increased volumes of incoming new work, with growth being a little firmer than in February. Backlogs of work grew for a ninth consecutive month indicating ongoing pressure on operating capacity.

Employment continued to rise in March, with the modest pace of expansion the fastest since August 2013.

Inflationary pressures eased in March, with both input and output prices rising at slower rates.

Prices charged by Russian services firms rose to the lowest degree since last October, while input prices increased at the weakest pace since August 2010.

The Russia Composite Output Index posted 56.3, up from 55.4 seen in February.

“Business activity grew strongly in March with Russian service providers experiencing a faster rise in new orders. Growth of activity was the second-highest in over four years and confidence remained close to its highest over the past three-and-a-half years. A second month of easing inflationary pressures supported the recent decision by monetary policymakers to reduce interest rates,” Sian Jones, economist at HIS Markit, said.

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