Russia PMI January 2021


Russia: Services PMI rebounds in January

February 3, 2021

The IHS Markit Russia Services Business Activity Index jumped to a four-month high of 52.7 in January, from 48.0 in December. As a result, the index climbed above the critical 50-threshold, suggesting that operating conditions across the Russian services sector improved for the first time since September at the outset of this year

January’s improvement was spearheaded by a rebound in new business amid healthier demand metrics at home, which more than offset yet another contraction in new export orders. Against this backdrop, backlogs of work rose for the first time since November 2017 while the rate of job shedding eased to a five-month low. Moreover, business confidence shot up to an over one-year high on hopes of overcoming the health crisis. Lastly, output charges rose at a slower pace as input cost inflation eased.

Meanwhile, the IHS Markit Composite Output Index rose to 52.3 in January, from 48.3 at the end of last year, reflecting a broad-based recovery in both the manufacturing and the services sectors.

FocusEconomics panelists project private consumption to rise 4.2% in 2021, which is down 0.4 percentage points from last month’s projection. For 2022, panelists see private consumption growing 2.7%.

Author:, Research Team Manager

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Russia PMI Chart

Russia PMI January 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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