Russia PMI February 2023

Russia: Manufacturing PMI jumps in February

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose to 53.6 in February from January’s 52.6. February’s result marked the best performance in over four years. As such, 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.

February’s result came on the back of robust new orders growth, which was the strongest since March 2019 thanks to rising domestic demand. Moreover, manufacturing output increased further midway through Q1, while employment levels rose modestly and backlogs of work declined. That said, input cost inflation sped up and was the highest in nine months, chiefly due to higher supplier charges and a depreciating ruble. Lastly, business confidence fell to a four-month low in February, reflecting worsening expectations over future output.

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