Russia’s Services PMI hits record high of 58.4 points

MOSCOW, Feb 3 (PRIME) -- Russia’s Services Manufacturing Purchasing Managers' Index (PMI) hit a 102-month high of 58.4 points in January, as compared with 56.5 points in December, finance information company Markit said in a statement report on Friday.

“Russian business activity growth strengthened further amid higher new work levels in the opening month of 2017. In fact, the rate at which output expanded accelerated to an eight-and-a-half year high. Subsequently, backlogs of work accumulated further, leading businesses to raise their staffing levels at the fastest pace for 41 months. With the health of the sector improving, optimism amongst service providers also strengthened to a 44-month high,” the statement read.

“The latest figure signaled a substantial improvement in business conditions in Russia’s service sector and continues a trend which has been observed over the past year.”

Russian manufacturing production grew at the quickest pace for 70 months, amid the quickest increase in new orders in nearly six years. The rise in business activity was supported by a marked increase in new business levels, with Russian service providers registering the sharpest increase in 49 months. In fact, the rate of growth was stronger than the historical average, it said.

For further details, see the company’s report on the official Web site:

https://www.markiteconomics.com/Survey/PressRelease.mvc/1709b0045afb4b14acbb0fe4fa3bcb7f

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