Markit says Russia’s Services PMI rises to 49.8 in January

MOSCOW, Feb 3 (PRIME) -- Russia’s Services Purchasing Managers’ Index (PMI) grew to 49.8 in January from 49.5 in December 2021, while an index of below 50 signals an overall deterioration of activity in the sector, researcher IHS Markit said in a statement on Thursday.

“Russian service providers registered another decline in business activity at the start of the year, according to January PMI data. The fall was only fractional, however, and eased to the slowest in the current four-month sequence of contraction. The softer decrease in output reflected a slower downturn in client demand, as new business fell at the softest pace for three months,” Markit said.

“Russian service sector firms registered another contraction in business activity at the start of 2022. That said, the declines in output and new orders eased. Foreign client demand, however, contracted at the fastest pace since December 2020. Weak demand conditions led to further cuts to employment amid reduced pressure on capacity,” Sian Jones, Senior Economist at IHS Markit, said.

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