Russia Services PMI2010-2020 Data | 2021-2022 Forecast | Calendar | Historical

The IHS Markit Russia Services PMI declined to 53.7 in September 2020 from 58.2 in the previous month, indicating a further, albeit slower, expansion in business activity. New business growth slowed to a three-month low, but was solid overall, while business from abroad fell for the seventh month running. At the same time, firms reduced their workforce numbers amid sufficient capacity to process new business. On the price front, input cost inflation was unchanged and sharp overall, due to a rise in utility and supplier costs, alongside unfavorable exchange rate movements. Meanwhile, output charges increased solidly, and at the fastest rate since March. Finally, business morale dropped to a three-month low and was historically subdued, amid concerns regarding the longevity of any economic recovery.

The IHS Markit Russia Services PMI declined slightly to 58.2 in August 2020 from 58.5 in the previous month. The latest reading pointed to the second straight month of expansion in business activity due to the reopening of service providers. Both output and new orders expanded further, although exports orders remained contraction, domestic demand strengthened. Employment increased for first time since February, at only a fractional rate, as backlogs of work continued to fall. On the price front, input costs rose, due to a rise in operational costs and fuel expenses, while output charges increased only modestly, however, amid efforts to boost sales. Finally, business morale increased to a ten-month high amid hopes of an economic recovery.

The IHS Markit Russia Services PMI jumped to 58.5 in July 2020 from 47.8 in the previous month. The latest reading pointed to the first expansion in business activity since February due to the reopening of service providers. Both output and new orders expanded, although exports orders remained contraction, domestic demand strengthened. The rate of job shedding eased in July as backlogs of work fell at only a modest pace. On the price front, input costs rose at a softer rate, as unfavourable exchange rates and higher operational costs due to the COVID-19 pandemic, while output charges broadly stabilised following three consecutive monthly falls. Finally, business morale increased to a nine-month high as firms stated that positive sentiment stemmed from efforts to attract new clients and hopes of an increase in global demand.

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.