Russia: Services PMI hits four-month high in December
The S&P Global Russia Services PMI Business Activity Index rose to 56.2 in December from November’s 52.2, marking the best reading since August. As a result, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in services sector operating conditions compared to the previous month.
Firmer client demand at home and abroad underpinned December’s acceleration. In turn, new hires among services companies rose at the fastest rate in six months as they sought to alleviate pressure on capacity. Nevertheless, backlogs of work continued to increase at the end of 2023. Regarding prices, both input cost inflation and output charges increased markedly, albeit at a slower pace than in the previous month. Lastly, business sentiment remained upbeat despite dropping to a four-month low.
Meanwhile, the S&P Global Russia Composite PMI Output Index jumped to 55.7 in December from 52.4 in November, also marking the sharpest expansion in business activity in four months.