RSS   Newsletter   Contact   Advertise with us
Post Online Media
Russia   The Composite PMI

Russia services growth weakest in 14 months

Russia's service sectorRussia's service sector growth eased more-than-expected in July to the weakest level in fourteen months, survey figures from IHS Markit showed Thursday.

The IHS Markit Russia Services Business Activity Index dropped to 52.6 in July from 55.5 in June. Economists had expected the index to fall to 55.0.

Article continues below

READ MORE Russia factory growth eases unexpectedly in June

However, any reading above 50 indicates expansion in the sector.

Among components, new business growth softened to a nine-month low in July. Employment in the sector expanded for the seventh successive month.

On the price front, both input and output price inflation were moderate in the context of the respective series histories despite accelerating.

The degree of optimism in the Russian service sector was the weakest so far this year.

The Composite PMI, which combines manufacturing and services, fell to 53.4 in July from 54.8 in the prior month.

"The Composite Index signaled a softer output expansion in July, due to accelerated growth in the manufacturing sector being outweighed by a slower service sector upturn," Sian Jones, Economist at IHS Markit, said.




What to read next



 
 

We use cookies to ensure that we give you the best experience on our website. Please allow cookies for fully-functioning website.

Allow Cookies Privacy Policy