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Russia’s manufacturing, services PMI indices up in December

Growth was attributed to expanding customer numbers, new product releases and better-quality items on sale, the S&P Global analytical agency said

MOSCOW, December 29. /TASS/. Russia Manufacturing Purchasing Managers’ Index (PMI) grew to 54.6 points in December 2023 from 53.8 points in the previous month, while Russia Services PMI Business Activity Index rose to 56.2 points in the reporting period from 52.2 points in the previous month, the S&P Global analytical agency reported.

"The rate of growth was the strongest since January 2017," according to Russia Manufacturing PMI research. Concurrently, new sales rose at a steep pace in December. Although the slowest for three months, growth was nonetheless attributed to expanding customer numbers, new product releases and better-quality items on sale, the agency said, adding that greater client demand was largely focused on the domestic market.

Stronger demand spurred faster growth in business activity in December, service providers noted. Anecdotal evidence stated that increased new business was due to the introduction of new service lines, new client acquisitions and improved demand conditions, according to the report.

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