Page 46 - RusRPTJun21

rose at a softer rate than in April, but at the second-quickest pace since February 2015,” Markit added.
Output expectations regarding the year ahead remained upbeat midway through the second quarter, and were historically elevated. That said, the degree of confidence dipped to a four-month low amid soaring input prices and pressure on margins.
The seasonally adjusted IHS Markit Russia Services Business Activity PMI index slowed a little in April to 55.2, down slightly from the 55.8 in March, but remains robust above the 50 no-change level as services bounce back as the end of the coronacrisis approaches.
Although the rate of expansion slowed from March's recent high, it was still the second-fastest since August 2020, the bowl of last year’s crisis, Markit said in a note.
The services PMI result comes in well ahead of the manufacturing PMI released on May 4 that registered 50.4 in April, down slightly from 51.1 in March and means that manufacturing has returned to a status quo.
The services result kept the Composite PMI Output Index well in the black, posting 54.0 in April, down slightly from 54.6 in March, to signal a solid upturn in private sector business activity, reports Markit. The rate of growth of the composite index was the second-fastest since August 2020 and driven by the recovery in the services sector.
Services suffered the most of all sectors during the lockdowns in 2020 as bar, restaurants, cafes, hairdressers and tourism companies were all in effect shuttered to prevent the spread of infections. Russia started a mass immunisation role out in December and the infection rates have begun to drop noticeably in recent months, although epidemic is still in motion.
46 RUSSIA Country Report June 2021 www.intellinews.com