Russia’s Services PMI rises to 50.9, Composite at 50.6 in Feb

MOSCOW, Mar 3 (PRIME) -- Russia’s Services purchasing managers’ index (PMI) grew to 50.9 in February from 47.1 in January, and the Composite PMI rose to 50.6 from 48.4, signifying an overall business expansion, according to a Markit research note published Thursday.

Service companies reported the first increase in new business in five months; it rose at the fastest rate since July 2015, which could be to some extent due to introduction of new products in the sector. But outstanding business decreased at the highest pace in four months because of a plenty of spare capacity. Job cuts continued.

Both input prices and service providers’ tariffs grew.

Russian businessmen in the services sector surveyed by Markit said they were confident about the future output growth.

“February was more prosperous for Russian service providers (than for manufacturers), after the headline PMI signaled a return to expansion territory for the sector,” Samuel Agass, an economist at Markit, said.

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