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Russian factories living through worsening downturn — analytical agency

April 01, 2016, 10:24 UTC+3 LONDON
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© ITAR-TASS/Donat Sorokin

LONDON, April 1. /TASS/. The seasonally adjusted Markit Russia Manufacturing Purchasing Managers’ Index (PMI) - a composite indicator designed to measure the performance of the manufacturing economy - dropped to 48.3 points in March against 49.3 points in Feb, Markit analytical agency said Friday.

"Russian factories are currently in the midst of a worsening downturn, according to March PMI data. All-in-all, the first quarter of 2016 has been disappointing for Russia’s goods producers, as average headline PMI data for this period points to a contraction in the manufacturing sector. If the current sluggish market environment continues over the next few months, firms will be looking to the Bank of Russia to provide some stimulus in order to revive the underperforming economy," Markit’s Economist Samuel Agass was quoted as saying.

The PMI value above 50 points is indicative of the business activity growth and the value below the said level flags its slowdown.

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