Page 53 - RusRPTOct22

4.3 Industrial sectors and trade 4.3.1 Producers PMI
The seasonally adjusted S&P Global Russia Services PMI Business Activity Index registered 51.1 in September, up from 49.9 in August, the company reported on October 5.
“The rise in output was historically subdued, but growth nonetheless reportedly stemmed from a further uptick in client demand and new orders. September saw a fourth successive monthly upturn in new orders. Greater client demand was reportedly driven by the acquisition of new customers, but was supported mainly by the domestic market as new export orders fell again. Foreign customer demand decreased at a sharp pace that accelerated notably from August,” S&P said in a note. Any number above the no-change 50 mark represents an expansion. (chart)
The growth in the services sector comes on top of an even stronger expansion in manufacturing as Russian firms scramble to replace imports that have disappeared from the market.
The Russian manufacturing sector signalled a modest improvement in operating conditions in September, according to S&P Global that put the seasonally adjusted S&P Global Russia Manufacturing Purchasing Managers’
53 RUSSIA Country Report October 2022 www.intellinews.com