Russia PMI September 2021

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Russia: Services PMI picks up in September

September 3, 2021

The IHS Markit Services Purchasing Managers’ Index (PMI) increased to 50.5 in September from August's 49.3. Consequently, the index rose above the 50-threshold, signaling an improvement in business conditions from the previous month.

The improvement was chiefly driven by healthier demand conditions at home which reignited new orders growth, thus more than offsetting a downturn in external demand. Moreover, service providers registered a renewed rise in employment in September while business confidence rose to the highest level since May 2019. Less positively, price pressures intensified again at the end of Q3 amid rising fuel and supplier prices. Nevertheless, healthy demand conditions allowed services providers to pass part of the increased cost burdens to clients through price hikes.

FocusEconomics panelists project private consumption to rise 7.5% in 2021, which is up 1.1 percentage points from last month’s projection. For 2022, panelists see private consumption growing 3.0%, which is unchanged from last month’s forecast.


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Russia PMI September 2021

Note: IHS Markit Purchasing Managers’ Index (PMI). Readings above 50 indicate an overall increase compared to the previous month, and below 50 an overall decrease.
Source: IHS Markit.


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