Russia PMI January 2024

Russia: Services PMI falls in January

The S&P Global Russia Services Purchasing Managers” Index (PMI) fell to 55.8 in January from 56.2 in December. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in services sector operating conditions compared to the previous month.

Despite the downturn, the January’s reading pointed to a yet another strong month in the services sector. A marked increase in business activity and new orders led to higher output and backlogs of work. Notably, new export orders rose for the ninth consecutive month at the outset of 2024.

Meanwhile, amid rising costs, service providers raised their selling prices at the fastest pace since October 2023. Moreover, business confidence was the strongest since April 2019: The sustained increase in new business boosted the year-ahead outlook for output.

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