S&P Global: Russia's Services PMI falls to 55.9 in April

MOSCOW, May 4 (PRIME) -- Russia's seasonally adjusted Services Purchasing Managers' Index (PMI) decreased to 55.9 in April from 58.1 in March, above the 50 no-change mark, which means an overall expansion, research agency S&P Global said on Thursday.

“Strong business activity growth was sustained across the Russian service sector during April, according to the latest PMI data. A further solid expansion in new orders contributed to resurgent activity, with firms also stepping up their hiring in response to greater business requirements,” S&P Global said.

“Client demand growth was broadly focused on the domestic market amid a renewed contraction in new export orders. Firms were also more upbeat with regards to the outlook for output over the coming 12 months, as the degree of confidence rose to the highest since last July,” it also said.

“Meanwhile, input prices rose at a softer rate. The pace of cost inflation dipped further below the series average, but firms continued to hike selling prices, and at a faster rate. The pace of increase in output charges was the sharpest in 2023 so far,” the agency added.

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