Russia PMI July 2023

Russia: Services PMI rises in June

The S&P Global Russia Services PMI Business Activity Index rose to 56.8 in June from May’s 54.3. 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 cooling reflected a notable deceleration in orders growth, due to a near stagnation of new export business logistics issues affecting momentum. In turn, services providers maintained stable workforce numbers, breaking a five-month streak of job creation.

Regarding prices, input cost inflation reached a six-month high in July, while output cost inflation surged to its highest level since May 2022. Lastly, business sentiment remained positive, supported by plans to invest in new product lines and expand the client base.

The S&P Global Composite Output Index PMI fell to 53.3 in August, from to 55.8 in July.

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