In September, the growth in business activity in the manufacturing industries of the Russian Federation was the largest since 2017
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The business activity index (PMI) of the manufacturing industries of the Russian economy in September increased to 54.5 points compared to 52.7 points in August. This follows from updated analysis data agencies S&P Global. This is the fastest pace of growth in activity in the sector since January 2017.
A value above 50 points indicates an increase in economic activity, below – a decline.
As S&P Global analysts note, the condition of the Russian manufacturing sector improved sharply in September. One of the key factors was the fastest increase in new orders since January 2017. The growth was primarily driven by domestic demand. Also, the pace of new job creation was the highest since November 2000.
At the same time, purchases of raw materials increased at a record pace. As analysts note, this was due to the desire of businesses to create reserves against the backdrop of fluctuations in the ruble exchange rate and rising inflation.
“The seasonally adjusted S&P Global Russia Manufacturing PMI came in at 54.5 in September, up from 52.7 in August, marking the sharpest improvement in business conditions since January 2017,” the agency said.
Manufacturing PMI growth has been observed for the second month in a row, significantly exceeding the average value of the long-term series.
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