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Russia: Activity in manufacturing sector remains virtually unchanged in November

December 1, 2015

The Russian manufacturing sector began the last quarter of the year on the right footing. The Markit’s Manufacturing Purchasing Managers’ Index (PMI) edged down just slightly in November, from 50.2 in October to 50.1, and thus remained just above the 50-threshold that distinguishes expansion from contraction. The indicator crossed the threshold into expansion territory in October for the first time since November 2014.

Markit stated that operating conditions in the manufacturing sector registered little change compared to October. Manufacturing output and new orders increased at the fastest pace in a year. However, a drop in staff hiring and a sharp contraction in stocks of purchases offset the aforementioned improvements. Finally, respondents to the survey signaled that they remained cautious about their inventory levels and pointed out that input prices rose further in November. As a result, Russian manufacturers increased their output prices.

Commenting on November’s result, Markit stated that, “operating conditions at Russian manufacturers remained broadly unchanged during November. This was highlighted by the headline PMI again staying close to the 50.0 no-change mark, signaling stabilization in the sector.” Markit concluded that, “overall, the sector appears to be holding its ground, at least during the fourth quarter so far, after enduring a tough time throughout the majority of 2015.”

FocusEconomics Consensus Forecast panelists project Russia’s GDP to fall 3.9% in 2015, which is down 0.1 percentage points from last month’s forecast. Panelists expect the economy to contract a milder 0.1% in 2016, which is down 0.2 percentage points from last month’s projection.


Author:, Senior Economist

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Russia PMI Manufacturing November 2015

Note: Markit Manufacturing Purchasing Managers’ Index (PMI). A reading above 50 indicates an expansion in business activity while a value below 50 points to a contraction.
Source: Markit.


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