Page 67 - RusRPTApr24

4.3 Industrial sectors and trade 4.3.1 Producers PMI
Russia’s manufacturing PMI surged in February to post 54.7, up from 52.4 in January, putting in its biggest gains in 13 years, S&P Global reported on March 1. (chart)
Any result above the 50 no-change mark represents an expansion in manufacturing. February’s result was the biggest gain since 2017.
“Russian manufacturers recorded a strong upturn in operating conditions during February,” S&P Global said in a note. “Sharper expansions in new orders and output spurred a renewed rise in employment and a further uptick in input buying. The rate of new sales growth was the steepest since March 2011 despite a faster fall in new export orders dragging on the overall upturn. Business confidence ticked higher, as future output expectations improved to the strongest since July 2023.” The strong result was mirrored in a pick-up in Russia’s industry production which rose from a lacklustre 2.7% y/y growth in December to 4.6% in January y/y, Rosstat reported on February 29.
The Russian economy is experiencing an increase in the number of new orders, which are expanding at their fastest pace since March 2011. The increase in sales was associated with increased customer demand and the
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