Business activity in the service sector in Russia increased in March
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The business activity index (PMI) in the Russian services sector rose from 53.1 points in February to 58.1 points in March, the report said (.pdf) S&P Global. This was the sharpest increase since August 2020. S&P cites increased demand as the reason.
A PMI value above 50 points indicates an increase in business activity, below this it indicates a slowdown.
According to a press release from S&P Global, service providers reported a rebound in new export orders, which boosted employment growth. The rate of inflation in production costs and production costs fell to the lowest level since January 2021.
“The latest data show a notable increase in output in the Russian service sector, with growth rates the fastest in just over two and a half years. Where an expansion of business activity was recorded, firms associated this with increased demand and a further increase in the number of new orders, ”the experts specified.
It is noted that the growth rate of operating expenses fell to the lowest level since January 2021 amid reports of moderate price increases from suppliers. At the same time, the workforce is growing for the second month in a row and at the fastest pace since June 2021, S&P Global added.
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