MOSCOW, Mar 3 (PRIME) -- Russia's seasonally adjusted Services Purchasing Managers' Index (PMI) increased to 53.1 in February from 48.7 in January, climbing above the 50 no-change mark for the first time in five months, which means an overall expansion, research agency S&P Global said on Friday.
The increase in output stemmed from a return to growth in new orders, and the service companies recorded the sharpest growth in new orders since August 2022. The release of new service lines also contributed to the new business in addition to acquisition of new clients and an uptick in customer demand. The companies also expanded their staff for the first time in seven months in response to new orders, S&P Global said.
Cost pressures lost momentum because the input prices have grown at the slowest rate since August 2021. Nevertheless, efforts to transfer higher costs to the clients resulted in a growth of output prices.
The service companies also showed optimism in their outlook for the next 12 months for the second month in a row. The degree of confidence has soared to the highest level since July 2022, the agency said.
Russia’s Composite PMI Output Index rose sharply to 53.1 in February from 49.7 in January, signaling a solid expansion in private sector’s business activity. Driven by stronger demand conditions and an increase in new orders, the expansion is still based on domestic customers, as new export orders fell further.
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