MOSCOW, May 4. /TASS/. Russia’s Services PMI Business Activity Index fell to 55.9 points in April 2023 from 58.1 points in the previous month, S&P Global analytical agency reported on Thursday.

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

"April data signaled a third successive monthly upturn in new business at service sector firms. New orders expanded in line with a sustained rise in client demand and increased customer referrals. Although the rate of growth softened from that seen in March, it was solid overall and the second-sharpest since August 2022," the report said.

Strong business activity growth was sustained across the Russian service sector during April, S&P Global analysts noted. "A further solid expansion in new orders contributed to resurgent activity, with firms also stepping up their hiring in response to greater business requirements. Client demand growth was broadly focused on the domestic market amid a renewed contraction in new export orders. Firms were also more upbeat with regards to the outlook for output over the coming 12 months, as the degree of confidence rose to the highest since last July," according to the report.