Russia’s services PMI in April
According to a report by Markit Economics, Russia’s services PMI rose sequentially in April. It was 55.5 in April compared to 53.5 in March. It beat the preliminary market expectation of 55.
The strong improvement in Russia’s service PMI was mainly due to the following:
- Production output and volume rose at a faster pace in April.
- New orders and export orders in the services sector rose at a higher pace in April.
- Employment in the services sector rose marginally in April.
After a period of huge uncertainty in Russia’s economic environment, the country’s economic condition has been improving since February. In the previous part of this series, we looked at Russia’s manufacturing activity and saw that it improved at a higher rate in April. Higher consumer demand and an improvement in overseas demand helped overall economic activity that month.