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Russia: Manufacturing PMI indicates moderate improvement and services PMI signals growth

September 3, 2014

The manufacturing Purchasing Managers’ Index (PMI) elaborated by HSBC stabilized at July’s 51.0 in August, which marks the highest level since October 2013. Readings above the 50-threshold indicate expansion in business conditions and the Russian manufacturing sector retuned to growth in July for the first time since October 2013.

According to HSBC, Russia’s manufacturing sector, “continued to experience a tentative recovery in business conditions in August.” The print reflected improvements in new orders, output as well as in suppliers’ delivery times. That said, global demand was weak, as new export orders decreased for the 12th consecutive month. Moreover, input prices increased on the back of the weak currency.

The services PMI increased slightly in August, from 49.7 in July to 50.3. The reading came in just above the 50-threshold for the first time in the last five months, indicating growth in the services sector. HSBC stated that, “the rate of expansion in August was fractional.” Services providers’ new business volumes rose for the third consecutive month, following three months of decline. In addition, new orders picked up over the previous month in August.

FocusEconomics Consensus Forecast panelists see fixed investment rising 0.1% in 2014, which is down 0.8 percentage points from the previous month’s estimate. For 2015, the panel expects fixed investment to increase 2.0%.


Author:, Senior Economist

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Russia PMI August 2014

Note: Markit HSBC 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 and HSBC.


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