Russia PMI December 2023

Russia: Manufacturing PMI approaches seven-year high in December

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 54.6 in December, up from November’s 53.8. December’s result marked the best 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 driven by continued expansion in output and new business; robust customer demand at home more than offset yet another contraction in export orders. In turn, manufacturers responded by accelerating input buying to build capacity and increasing staff numbers. As a result, backlogs of work continued to fall in December.

With regard to prices, both input costs and output prices rose at a softer pace at the end of the year, although higher supplier prices and unfavorable exchange rate movements kept overall inflation elevated. Finally, though business sentiment fell to a three-year low in December, confidence remained firmly in the positive territory.

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