Russia’s Services PMI rises to 54.2, Composite PMI to 51.3 in Apr

MOSCOW, May 6 (PRIME) -- Russia’s services purchasing managers’ index (PMI) grew to 54.2 in April, the highest growth figure since March 2013, and the Composite PMI increased to an 11-month high of 51.3, according to a Markit research note published on Friday.

“The upturn in Russia’s service sector gained greater momentum during April, as output expanded at the sharpest rate in just over three years. The rise was driven by solid growth in new business intakes,” the research note read.

“At the aggregate level, overall activity in Russia grew for the third successive month in April…The rise occurred despite the sharpest contraction in manufacturing output since May 2009.”

Despite a greater quantity of new projects, Russian service providers and manufacturers continued to cut their personnel, Markit said.

“Capacity pressures in Russia’s manufacturing and service sectors meanwhile continued to wane, as highlighted by a further fall in business outstanding,” Markit said.

The servicing businesses also registered higher input prices in April, and the inflation rate quickened to a three-month high.

“Optimism towards future business activity amongst service providers fell during April. However, the level of positive sentiment only slightly lowered since March. Some firms expect improvements in transport equipment will boost output over the coming year,” Markit said.

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