The PMI index of the Russian manufacturing industries in March became the highest since 2006
[ad_1]
The rating agency S&P Global increased the business activity index (PMI) of the manufacturing industries of the Russian economy from 54.7 points in February to 55.7 points in March 2024 (.pdf). Activity in Russia’s manufacturing sector grew at its fastest pace in nearly 18 years last month.
An indicator value of more than 50 points indicates an increase in business activity. A reading below this level indicates a decline in business activity.
“The biggest impact on growth came from sharp increases in production volumes and new orders, the latter of which has risen sharply over the past 16 years,” S&P Global said in a report.
According to agency estimates, Russia’s manufacturing sector has increased the number of new jobs at a record pace since November 2000. In addition, S&P Global noted an increase in purchases of raw materials. The pace of growth, driven by robust demand, was the fastest since January 2017.
At the same time, as the agency notes, the volume of unfinished work in March increased for the first time in five months. The material indicates that this may be due to a sharp increase in new orders. Manufacturers also noted rising costs for raw materials and wages.
More details in the text “Kommersant” “Industry is hitting limits”.
[ad_2]
Source link
