Russia: Manufacturing PMI jumps in November

The S&P Global Manufacturing Purchasing Managers' Index (PMI) rose to 53.2 in November from October's 50.7. November's result marked the strongest reading since January 2017. Consequently, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in manufacturing sector operating conditions compared to the previous month.

The upturn was spearheaded by faster expansions in both output and new orders. This came on the back of firmer domestic demand which more than offset a continued decline in export orders. As a result, rising sales underpinned renewed increases in employment and inventories. Meanwhile, cost burdens rose at a softer pace in November, amid cooling supplier price inflation, with output charges largely stable. Finally, hopes of further new order growth drove an improvement in business confidence in November.

FocusEconomics panelists fixed investment falling 5.5% in 2023, which is unchanged from last month’s projection. For 2024, panelists see fixed investment increasing 2.4%.