The IHS Markit Russia Services PMI increased to 47.8 in June 2020 from 35.9 in the previous month. The latest reading pointed to the softest downturn in business activity in the current four-month sequence of contraction due to the reopening of service providers and interest from new and existing customers. The fall in output was only modest overall as firms cleared backlogs of work, and amid some reports of demand picking up. Still, the rate of contraction in new business remained sharp overall and resulted in further redundancies, with employment falling at a strong pace. On the price front, input costs rose at a faster rate, as suppliers began to hike costs; and output charges fell for the third successive month amid efforts by firms to attract new clients. Finally, business morale rose to a four-month high as a wider reopening of the economy sparked renewed confidence but remained well below the series trend as the pandemic continued to weigh on expectations.
Services PMI in Russia averaged 52.07 points from 2010 until 2020, reaching an all time high of 58.40 points in January of 2017 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 July of 2020. source: Markit Economics
Services PMI in Russia is expected to be 47.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in Russia to stand at 52.00 in 12 months time. In the long-term, the Russia Services PMI is projected to trend around 52.30 points in 2021 and 54.50 points in 2022, according to our econometric models.