Page 83 - RusRPTJun24

4.3 Industrial sectors and trade 4.3.1 Producers PMI
The seasonally adjusted S&P Global Russia Manufacturing Purchasing Managers’ Index (PMI) posted 54.3 in April, down from 55.7 in March, as Russia’s manufacturing sector continues to enjoy solid support from spending on the war in Ukraine.
The latest expansion was stronger than the series average despite softening to the slowest in three months, S&P Global said in a press release on May 2.
“Russian manufacturers signalled a further solid improvement in operating conditions during April. Although expansions in output and new orders softened slightly from March, they remained robust,” S&P Global said.
Total new sales growth was led by domestic demand, while new export orders fell for the fifth time in six months.
Overall, industrial production remains strong. Year-on-year growth in industrial output in February was 8.5% and GDP growth hit 7.7%, according to the State Statistics Service, but output slowed to 4% in March as high interest rates, high inflation and shortage of labour are cooling the economy somewhat. (chart) Increased new orders spurred hiring and greater
input buying, as firms recorded the fastest rise in backlogs since July 2017. Input stock levels were depleted as efforts to replenish inventories were
83 RUSSIA Country Report June 2024 www.intellinews.com