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Russia manufacturing growth gains momentum

Russia factory growth
Russia   Overall new orders grew

Russian manufacturing sector growth improved strongly in May amid solid expansion in output and weak inflationary pressures, survey data from IHS Markit showed Thursday.

The Purchasing Managers' Index for the factory sector climbed to 52.4 from 50.8 in April. Economists had expected the reading to remain unchanged.

A PMI score above 50 suggests growth in the sector. The manufacturing sector grew for a tenth month running.

Overall new orders grew for a tenth straight month though export demand declined.

Input prices rose at a historically modest pace and output prices climbed for a second month in a row. Employment declined for a third consecutive month.

"The manufacturing sector continues to make a positive contribution to overall economic expansion, with IHS Markit forecasting GDP growth of 1.1% in 2017, below the official prediction of 1.5-2%," Sian Jones, an economist at IHS Markit, said.

"This follows subdued growth at the start of 2017."


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