MOSCOW, June 5. /TASS/. The business activity index (PMI) in Russia’s services sector decreased in May 2023 to 54.3 points against 55.9 points in the previous month. This was reported in a study by S&P Global.

An index value above 50 points indicates an increase in business activity, and below this level - its slowdown.

The study notes that recent data indicate further growth in the Russian services sector.

"The solid upturn in output was driven by another increase in new business as firms noted new client wins and strength in foreign markets," the statement says.

S&P Global analysts also note that "the sustained rise in new orders led firms to expand employment, which grew at the second-fastest pace since June 2021."

"Despite greater workforce numbers, pressure on capacity was evident as backlogs of work returned to growth territory, albeit rising only fractionally," the report says.