Markit says Russia’s Services PMI falls to 52 in February

MOSCOW, Mar 4 (PRIME) -- Russia’s Services Purchasing Managers’ Index (PMI) fell to 52 in February from 54.1 in January, remaining above the 50 no-change mark, which means an overall expansion, research company IHS Markit said in a report on Wednesday.

“The seasonally adjusted IHS Markit Russia Services Business Activity Index registered 52.0 in February, down from 54.1 at the start of the year. The latest expansion in business activity extended the current sequence of growth that began in July 2019, but was the slowest for seven months amid reports from some firms of challenging domestic demand conditions,” the document read.

“Russian service sector firms registered a slower rise in business activity in February amid softer growth in domestic demand. Although new export orders rose at a faster pace, total sales showed the weakest expansion for five months.”

As a result of softer demand conditions and increased competition, service providers registered a second successive monthly decrease in output charges in February. The rate of decline quickened slightly and was the fastest since October 2009, despite being only marginal overall.

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