Russia PMI February 2023

Russia: Services PMI hits highest reading since July 2021 in February

The S&P Global Russia Services PMI Business Activity Index came in at 53.1 in February, up from January’s 48.7. February’s result marked the strongest reading since July 2021. As such, the index rose above the 50.0 no-change mark, signaling an improvement in services sector operating conditions from the previous month.

The upturn came on the back of a rebound in output, which rose the first for five months. This was chiefly thanks a recovery in new orders amid a more positive outlook for the coming year among customers. As a result, service firms expanded their staffing numbers for the first time in seven months. On top of that, inflationary pressures eased in February, as input prices rose at the slowest pace since August 2021, although firms continued to increase their output prices at a marked pace.

Meanwhile, the S&P Global Composite Output Index PMI jumped to 53.1 in February 2023 from 49.7 at the outset of the year, marking to the highest reading since June 2021.

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