Russia PMI September 2023

Russia: Services PMI eases in September

The S&P Global Russia Services PMI Business Activity Index fell to 55.4 in September from August’s 57.6. Consequently, the index remained entrenched above the 50.0 no-change threshold, signaling a softer, albeit still strong, improvement in services sector operating conditions from the previous month.

The moderation was driven by a softer rise in output and new orders. That said, new export orders expanded at a survey-record rate. Meanwhile, growth in both employment and the backlogs of work lost some pace. Inflationary pressures remained elevated in September, chiefly due to ruble weakness, rising salaries, and higher costs to service loans.

Meanwhile, the S&P Global Composite Output Index fell to 54.7 in September from August’s five-month high of 55.9.

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