MOSCOW, August 5. /TASS/. The Global Russia Services PMI index rose to 51.1 points in July 2024 against 47.6 points in June, according to a report by S&P Global.

"The seasonally adjusted S&P Global Russia Services PMI Business Activity Index registered 51.1 at the start of the third quarter, up from 47.6 in June. The latest data signaled a renewed expansion in output, and one that was the fastest since March. Higher business activity was linked by firms to stronger demand conditions and greater new order intakes," the report said.

According to the statement, "Supporting the upturn in activity was a return to new business growth in July. Following a marginal contraction in June, new orders rose at the quickest pace since April amid reports of new client wins and greater customer referrals. The rate of expansion was only marginal and well below the long-run series average, however."

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