Russia PMI November 2021

Russia: Services PMI records worst reading since October 2020 in November

The IHS Markit Services Purchasing Managers’ Index (PMI) fell to 47.1 in November from October’s 48.8. November’s result marked the weakest reading since October 2020. Consequently, the index fell further below the 50-threshold, signaling a sharper deterioration in business conditions compared to the previous month.

Commenting on the inflationary backdrop, Siân Jones, a senior economist at IHS Markit, said:

“Russian service providers registered the strongest contraction in business activity for just over a year in November, amid a marked resurgence in virus cases and partially reimposed restrictions. […] Demand conditions are unlikely to improve in the service sector significantly until virus cases are brought down and COVID-19 restrictions are no longer necessary, with obstacles surrounding vaccination rates likely to hamper the path of the recovery going into 2022.”

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