S&P Global: Russia's Services PMI rises to 58.1 in March

MOSCOW, Apr 5 (PRIME) -- Russia's seasonally adjusted Services Purchasing Managers' Index (PMI) increased to 58.1 in March from 53.1 in February, seen 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 Wednesday.

“Business activity across the Russian service sector expanded at a steep pace in March, according to the latest PMI data. Output growth quickened to the sharpest since August 2020, as stronger demand conditions supported the upturn,” S&P Global said.

“Service providers reported a renewed expansion in new export orders, as foreign client demand contributed to the rise in total sales. Greater new orders sparked a faster rate of employment growth, as firms expanded their workforce numbers in an effort to relieve pressure on capacity amid a renewed rise in backlogs of work,” the agency also said.

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