Page 47 - RusRPTNov23

Russia’s invasion of Ukraine in the second quarter of 2022, according to
Trading Economics.
4.3 Industrial sectors and trade 4.3.1 Producers PMI
The seasonally adjusted S&P Global Russia Services PMI Business Activity Index registered an extremely strong 55.4 in September but was down slightly from 57.6 in August. Any result above the 50 no-change mark represents an expansion.
“Output at services firms increased for the eighth month running, with the pace of growth sharper than the survey average. Higher activity levels were often linked to a further uptick in new business and sustained improvements in demand conditions,” S&P Global said in a note on October 4.
The sister index, the seasonally adjusted S&P Global Russia Manufacturing Purchasing Managers’ Index PMI, was very strong at 54.5 in September from 52.7 in August, the sharpest improvement in operating conditions since January 2017. (chart) Together the S&P Global Russia Composite PMI Output Index posted at 54.7 in September, down slightly from 55.9 in August. The latest data signalled a strong upturn in business activity across the Russian private sector. Manufacturers and service providers alike recorded a rise in
47 RUSSIA Country Report November 2023 www.intellinews.com