Moscow, Feb. 1, (dpa-AFX/GNA) – Russia’s manufacturing activity growth at the start of the year was the quickest since May 2021, survey data from IHS Markit showed on Tuesday.
The IHS Markit Russia Manufacturing Purchasing Managers’ Index, or PMI, rose to 51.8 in January from 51.6 in December. A PMI reading above 50 signals expansion in the sector.
New orders grew at a faster pace in January and new sales increased. New export orders rose at the fastest pace since November 2020. Production rose at the slowest pace for four months in January.
Employment increased, with the rate of job creation fastest since November 2018 and backlogs of work expanded for the first time since August 2017.
Suppliers’ delivery time lengthened in January and cost burden rose at the fastest pace in six months. Both input cost and output charges increased. Firms expect the output to strengthen in the next 12 months and registered the highest degree of confidence for the nine months, with the hopes of rise in client demand and investment.
“Russian manufacturing firms signaled an encouraging start to 2022 as domestic and foreign client demand conditions improved,” Sian Jones, senior economist at IHS Markit, said.
GNA