The S&P Global Russia Services PMI fell to 49.9 in August 2022 from July's 13-month high of 54.7 in July. The latest reading pointed to the first contraction in the sector since May, amid a drop in output, this was linked to reduced purchasing power at some customers and the impact of sanctions. Also, employment declined marginally, due to efforts to cut costs and lower business requirements, with backlogs of work falling at a modest pace. Meanwhile, new order growth eased, but it was the second-fastest since August 2020. However, new export orders shrank for the sixth month running, attributed to the ongoing impact of sanctions on foreign client demand. On the price front, input cost inflation accelerated to the fastest since May, while output cost inflation eased to the second slowest in 2022 so far. Finally, business sentiment weakened to the lowest in the current four-month sequence of positive sentiment as firms expressed concerns regarding purchasing power at customers. source: Markit Economics
Services PMI in Russia averaged 51.91 points from 2010 until 2022, reaching an all time high of 58.50 points in July of 2020 and a record low of 12.20 points in April of 2020. This page provides the latest reported value for - Russia Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Russia Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on October of 2022.
Services PMI in Russia is expected to be 49.40 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Russia Services PMI is projected to trend around 51.00 points in 2023 and 50.50 points in 2024, according to our econometric models.