Russia PMI August 2023

Russia: Services PMI hits highest reading since March in August

The S&P Global Russia Services PMI Business Activity Index came in at 57.6 in August, up from July’s 54.0. August’s result marked the best reading since March. As such, 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.

The upturn was driven was driven by stronger output and new business growth. New orders rose at the fastest pace for just over three years in August, thanks healthier domestic client demand. That said, new export orders ticked up only marginally. Pressure on capacity in light of stronger new business growth led to a record rise in backlogs of work. On top of that, hiring returned to the expansionary territory, with job creation solid overall.

Regarding prices, both input costs and output charges rose markedly mid-way through Q3, mostly due to a weaker ruble. Lastly, optimism over demand pushed business sentiment to the highest level since September 2021.

The S&P Global Composite Output Index PMI rose to 55.9 in July, from 53.3 in July.

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