Russia: Manufacturing PMI rises to over-two year high in March
The manufacturing Purchasing Managers’ Index (PMI) produced by IHS Markit jumped from 50.1 in February to 52.8 in March, the best reading since January 2017. As a result, the index rose further above the critical 50-point mark separating expansion from contraction in activity in the manufacturing sector.
March’s result reflected solid growth in both new orders and output, in large part due to stronger domestic demand. Orders from abroad, conversely, fell for the third month in a row. Optimism among Russian manufacturers also rose in March, hitting the highest level ever recorded since the series began in April 2012. Regarding inflation, prices pressures grew notably amid higher input costs and the recent hike in VAT.