MOSCOW, March 1. /TASS/. The IHS Markit Russia Manufacturing Purchasing Managers Index (PMI) - a composite single-figure snapshot of the performance of the country's manufacturing economy rose to 51.5 points in February 2021 from 50.9 points in January 2020, IHS Markit analytical agency reported on Monday.
"Contributing to the overall expansion was a faster rise in production <...> midway through the first quarter. The solid upturn was the steepest since last August and widely linked to stronger demand conditions," the report said.
"Russian manufacturing firms continued to signal a promising start to 2021, as operating conditions improved for the second month running. Output and new order growth accelerated despite difficult external demand conditions. Once again, supply chain disruptions were notably apparent, as lead times lengthened to the greatest extent since May 2020. Supplier shortages and hikes in transportation costs pushed up input prices markedly. Firms were able to respond, however, with the fastest uptick in charges for six years. Business confidence regarding the year ahead also strengthened. Our current forecast expects industrial production to rise 4.1% in 2021, as the sector seeks to recover from the downturn seen in 2020," Economist at IHS Markit Sian Jones who compiles the Russia Manufacturing PMI survey, commented on the report.
The PMI value above 50 points is indicative of the business activity growth and the value below the said level flags its slowdown.