Russia PMI April 2023

Russia: Manufacturing PMI rises in May

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 53.5 in May, from 52.6 in April. As a result, the index moved further above the 50.0 no-change mark, pointing to a stronger improvement in manufacturing sector operating conditions from the previous month.

May’s upturn was driven by stronger expansions in both manufacturing output and new business, chiefly thanks to stronger demand conditions at home. On top of that, manufacturing firms anticipated further increases in new orders, prompting them to increase purchasing and hiring activity, with employment rising at the sharpest pace in 22-and-a-half years. Meanwhile, backlogs of work continued to shrink.

In terms of prices, the rate of cost inflation accelerated to its highest level since April 2022, although the pace of increase in selling prices softened compared to April. Lastly, business sentiment remained largely upbeat midway through Q2.

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