Russia PMI September 2022

Russia: Services PMI increases in September

The S&P Global Russia Services PMI Business Activity Index rose to 51.1 in September from August’s 49.9. As such, the index crossed above the 50.0 no-change mark, signaling an improvement in services sector operating conditions from the previous month.

September’s upturn came on the back of improving business confidence amid expectations of healthier demand in the coming months. Less positively, the overall improvement in business conditions was only marginal as new orders growth moderated to the slowest in the current four-month sequence of expansion. Notably, demand remained domestic focused as sanctions suppressed external demand. Lastly, employment levels fell again and backlogs of work declined further, while cost burdens rose at a marked pace.

The S&P Global Composite Output Index came in at 51.5 in September, up from August’s 50.4.

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