Russia PMI May 2023

Russia: Services PMI decreases in May

The S&P Global Russia Services PMI Business Activity Index fell to a three-month low of 54.3 in May from April’s 55.9. Consequently, the index remained above the 50.0 no-change mark, pointing to a moderating improvement in services sector operating conditions from the previous month.

The overall improvement was fueled by a further rise in new business, with companies reporting success acquiring new clients and healthier demand in foreign markets. The continuous increase in new orders prompted firms to expand their workforce at the second-highest rate since June 2021. Meanwhile, the backlogs of work started to grow again, although only by a small margin. In terms of prices, the rate of cost inflation picked up in May and was the fastest in three months due to higher supplier and wage costs.

Meanwhile, the S&P Global Composite Output Index PMI fell to 54.4 in April from 55.1 in April.

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