Russia PMI July 2022


Russia: Manufacturing PMI eases in July

August 1, 2022

The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 50.3 in July, down from June's 50.9. As such, the index remained above the 50.0 no-change threshold, pointing to a continued, albeit moderating, improvement in business conditions compared to the previous month.

The headline deterioration was mainly driven by a reduction in output due to subdued foreign demand and persistent raw material shortages. In addition, there was a slight fall in employment amid salary competition. More positively, inflationary pressures eased further, with input price growth slowing down and output charges falling at the sharpest pace since 2009. Moreover, new orders expanded at the fastest pace in over three years, boosted by stronger domestic demand. In this context, business confidence rebounded to its pre-war level.

The Consensus sees fixed investment falling 17.3% in 2022, which is up 1.5 percentage points from last month’s projection. For 2023, panelists see fixed investment contracting 3.0%.

Author:, Research Team Manager

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Russia PMI Chart

Russia PMI Manufacturing July 2022 6

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

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