MOSCOW, Feb 1 (PRIME) -- Russia’s Manufacturing Purchasing Managers’ Index (PMI) fell to 52.6 in January from 53.0 in December 2022, still staying above the no-change mark of 50, research agency S&P Global said in a statement on Wednesday.
A further growth in production, fewer supply delays, and an increase in new orders resulted in an overall expansion of the sector’s activity. Domestic clients expressed stronger demand, with new orders rising at the fastest pace since April 2019, while export orders still contracted strongly, the agency said.
Nevertheless, new orders led to companies ramping up their hiring activity, and sufficient capacity led to a slight contraction in work backlogs. Companies had to raise input buying, and input costs grew steeply, therefore the companies passed a fraction of the input price growth to their clients.
The level of optimism regarding production in 2023 was the strongest over the past four years as companies hope for expansions in new sales, S&P Global said.
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