Russia PMI April 2024

Russia: Manufacturing PMI ticks down amid weak external demand

The S&P Global Russia Manufacturing Purchasing Managers’ Index (PMI) fell to 54.3 in April from 55.7 in March. As a result, the index remained above the 50.0 no-change threshold but signaled a softer improvement in manufacturing sector operating conditions compared to the previous month.

April’s reading reflected robust—though milder—increases in new orders and production. In particular, stronger domestic demand drove new business acquisitions as export orders swung into contraction. Moreover, increases in staffing remained among the fastest in over two decades.

On the pricing front, manufacturers faced higher raw material and transportation costs, contributing to a faster rise in input prices. In response, firms increased their output charges at a quicker pace. Lastly, business sentiment among Russian manufacturers remained positive, supported by the development of new product ranges and expectations of stronger customer demand. That said, it was the weakest optimism seen in three months.

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