Russia PMI September 2021

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Russia: Manufacturing PMI rises in September

October 1, 2021

The IHS Markit Manufacturing Purchasing Managers' Index (PMI) came in at 49.8 in September, up from August's 46.5. Consequently, the index moved closer to the 50-threshold, signaling a softer deterioration in business conditions compared to the previous month.

The improvement came on the back of a recovery in both output and new orders. Healthier domestic demand underpinned a rebound in new business after four consecutive months of contraction, which, in turn, propped up Russian manufacturers to raise production levels for the first time since June. Moreover, higher client demand saw inventories shrink at the end of Q3, while backlogs of work fell at the softest pace in six months. Less positively, employment levels fell somewhat and future outlook expectations weakened slightly in September, hinting at sustained headwinds to recovery ahead. Lastly, inflationary pressures eased in the surveyed month, with both input costs and output prices taking a breather.

Commenting on the inflationary backdrop, Siân Jones, a senior economist at IHS Markit, said:

"A slower deterioration in vendor performance helped to rein in cost pressures. Input prices rose at the slowest pace for a year. Nonetheless, supplier price hikes were still widespread […]. Alongside supply disruptions, further upside risks to inflation stem from the ongoing economic recovery and a lower projected unemployment rate, which are expected to boost consumer spending.”

FocusEconomics panelists project fixed investment grow 4.6% in 2021, which is up 0.2 percentage points from last month’s projection. For 2022, panelists see fixed investment increasing 3.9%.


Author:, Research Team Manager

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Russia PMI Manufacturing September 2021

Note: IHS Markit Purchasing Managers’ Index (PMI). Readings above 50 indicate an overall increase compared to the previous month, and below 50 an overall decrease.
Source: IHS Markit.


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