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Russian service providers posted an upturn in business activity during February 2023, showing the first increase in output five months and helping to put composite output PMI (services and manufacturing) into positive territory.
Acceleration in pace of new order growth billed as key highlight from latest survey.
PMI grew 1 point to 48.5 in February, the highest reading since May 2022.
Russian manufacturing firms indicated a further improvement in operating conditions in February, with the rate of expansion being the fastest since early-2017, according to the latest PMI reports from S&P Global.
Supply chains and production lines hit.
RosStat reported an even milder contraction in Russia's GDP in 2022 than the most optimistic forecasts from all the economists that follow Russia on February 20. This has been the least painful of all the crises since the fall of the Soviet Union.
Demand weakens amid high inflation and high interest rates in Poland and its main trading partners.
Russia’s industrial output in 2022 declined by 0.6% year on year in 2022, according to the latest data from state statistics agency RosStat, thanks to heavy spending by the state to put Russia's economy onto a war footing.
The Russian budget started January in its deepest deficit in years, according to the result released by the Ministry of Finance on January 6.
Business confidence jumps to highest level recorded since early 2021. Companies ramp up purchasing activity on expectations.
PMI hits highest reading for eight months but is still below 50 threshold.
January survey shows upward trajectories in output and new orders amid signs of improving demand.
The Russian economy is starting 2023 in a far better state than many had anticipated in the spring following the invasion of Ukraine and ensuing Western sanctions.
PMI says below 50% for eight consecutive months, indicating a downturn, but rises 2.2 points to 45.6.
Demand remains fragile, particularly internationally, but cost pressures not as extreme as earlier in year.
The Russian manufacturing sector ended 2022 with a historically strong expansion in output, with the rate of December’s growth easing only slightly from November's 27-month high, according to the latest Manufacturing Purchasing Managers' Index.
Russia’s inflation in November came at 0.37% m/m, implying 11.98% y/y price growth, which came in slightly higher than analysts' forecasts based on weekly statistics.
Exporters’ association head also warns that if Turkey maintains a brake on lira depreciation, then the “exports side and the production side comes to a halt”.
Despite the sharp improvement of the Russia Manufacturing Purchasing Managers’ Index™ (PMI) seen in November, continued contraction in the services sector has kept the composite output stagnating in the reporting month.