The IHS Markit Russia Services PMI fell to 53.1 in December 2019, the lowest since August, from 55.6 in the previous month. Employment increased for the fourth month running, albeit at the slowest pace since September, while companies continued to register a reduction in pressure on capacity as backlogs of work fell at a solid and accelerated pace. Meanwhile, domestic and foreign client demand improved, with firms signalling a renewed rise in new export orders. On the price front, cost burdens increased at the sharpest rate for four months, while output charge inflation softened to a moderate pace that was the second-slowest since September 2018. Finally, business confidence fell to the lowest for over two years. Services PMI in Russia averaged 52.75 Index Points from 2010 until 2019, reaching an all time high of 58.40 Index Points in January of 2017 and a record low of 41.30 Index Points in February of 2015. source: Markit Economics

Services PMI in Russia is expected to be 54.30 Index 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 53.60 in 12 months time. In the long-term, the Russia Services PMI is projected to trend around 54.50 Index Points in 2020, according to our econometric models.

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Russia Services PMI

Actual Previous Highest Lowest Dates Unit Frequency
53.10 55.60 58.40 41.30 2010 - 2019 points Monthly


News Stream
2019-12-04
Russia Services Sector Remains Robust
The IHS Markit Russia Services PMI decreased to 55.6 in November 2019 from 55.8 in the prior month. This marked the fifth straight month of growth in the service sector, the second-fastest in a year and above the long-run series trend. New orders eased slightly from October's high while new export orders fell for the first time since July. AT the same time, the rate of employment growth was little-changed; and backlogs of work contracted further. On the price front, input costs rose at the least since January 2018 while output prices increased at a moderate pace. Finally, the degree of confidence dropped to the lowest since August 2018 amid ongoing economic uncertainty and concerns surrounding the potential of softer client demand.

2019-11-06
Russia Services PMI Highest in A Year
The IHS Markit Russia Services PMI increased to 55.8 in October of 2019 from 53.6 in the prior month. This marked the fourth straight month of growth in the service sector and the steepest in a year, largely underpinned by a sharper upturn in new orders. Both external and domestic client demand picked up, with new business from abroad growing at the fastest rate since May. Subsequently, employment rose for the second straight month, which was the strongest since February, with backlogs of work falling at the slowest rate for five months. On the price front, input price inflation slowed to the softest since early-2018, while output charges went up at a rate that was slower than the long-run series trend, due to competition and more efficient business processes. Lastly, the level of positive sentiment reached a five-month high but remained slightly below the series average.

2019-10-03
Russia Service Sector Growth Rises to 6-Month High
The IHS Markit Russia Services PMI increased to 53.6 in September 2019 from 52.1 in the prior month. This marked the third straight month of growth in the service sector and the fastest reading in six months, with a solid expansion in output. New orders increased only moderately on the back of the acquisition of new clients and new export orders remained subdued, rising only fractionally and at a pace well below those seen earlier in the year. Also, job creation rate was the fastest since March, after four consecutive months of declines. On the price front, input cost increased at the slowest pace since February; while output prices increased only modestly. Lastly, sentiment dipped to the lowest since March, amid reports of difficult demand conditions for small and medium enterprises.

2019-09-04
Russia Services PMI Highest in 4 Months
The IHS Markit Russia Services PMI increased to 52.1 in August 2019 from 50.4 in the prior month. This marked the second straight month of growth in the service sector and the fastest since April, with a faster increase in new orders driving the expansion. Also, external demand rebounded, despite signalling only a fractional upturn in new export orders. Meanwhile, employment fell for the fourth straight month, but only a marginal rate. Backlogs of work continued to decline, with the pace of drop was strong overall and faster than the series average. In terms of prices, input price inflation remained relatively subdued and softened to the slowest since March 2018. Nonetheless, firms increased selling prices at the fastest pace for three months. Lastly, sentiment dipped to the lowest since March as service providers expressed greater uncertainty towards the wider economy.

2019-08-05
Russia Services Activity Returns to Growth
The IHS Markit Russia Services PMI increased to 50.4 in July 2019 from 49.7 in the previous month, as new business returned to growth. New exports orders shrank for the first time since September 2018 while employment dropped at the fastest pace since February 2016, with backlogs of work continuing to fall and the fastest since February 2016. On the price front, input prices accelerated for first time since January's value added tax-driven spike and marking the sharpest in three months, while output price inflation also accelerated. Finally, business confidence towards the future increase amid more favourable demand conditions and the launch of new service lines.

2019-07-03
Russia Services Sector Shrinks for First Time Since 2016
The IHS Markit Russia Services PMI went down to 49.7 in June 2019 from 52.0 in the previous month. The latest reading pointed to the first contraction in services activity since January 2016, as new orders shrank for the first time since early 2016 while employment dropped at the fastest pace since April 2016, with backlogs of work continuing to fall. Meantime, new export orders grew for the ninth straight month, albeit at only a marginal rate. On the price front, input prices rose at a slowest pace since Mach 2018, due to higher raw material prices, especially for fuel and food, while output price inflation also slowed to softest rate since September last year. Finally, business confidence expectations dipped to a three-month low amid less favourable demand conditions and weaker client purchasing power.


Russia Services PMI
The Markit Russia Services PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 300 private service sector companies. The Index tracks variables such as sales, employment, inventories and prices. An index reading above 50 indicates an overall increase in that variable, below 50 an overall decrease.

Russia Business Last Previous Highest Lowest Unit
Business Confidence -6.00 -5.00 7.00 -20.00 points [+]
Manufacturing PMI 47.50 45.60 54.70 45.60 points [+]
Services PMI 53.10 55.60 58.40 41.30 points [+]
Industrial Production 0.30 2.60 17.70 -16.90 percent [+]
Industrial Production Mom -2.50 5.50 24.40 -26.10 percent [+]
Manufacturing Production 0.10 3.70 27.10 -28.10 percent [+]
Capacity Utilization 64.00 65.00 66.00 38.00 percent [+]
Changes in Inventories 1441.30 846.30 2009.30 -1157.20 RUB Billion [+]
Total Vehicle Sales 179235.00 156848.00 291020.00 39497.00 Units [+]
Car Production 139.50 134.70 187.00 18.20 Thousand Units [+]
Car Registrations 179235.00 156848.00 291020.00 39497.00 [+]
Leading Economic Index 1.60 2.30 9.90 -11.80 percent [+]
Internet Speed 11846.17 11607.38 12288.46 1909.63 KBps [+]
IP Addresses 19163474.00 19200437.00 19200437.00 2137082.00 IP [+]
Steel Production 5620.00 5950.00 6804.00 3130.00 Thousand Tonnes [+]
Mining Production 1.40 0.90 10.80 -7.70 percent [+]
Cement Production 5.46 5.96 7.70 1.60 Millions of Tonnes [+]
Competitiveness Index 66.74 65.62 66.74 4.13 Points [+]
Competitiveness Rank 43.00 43.00 67.00 43.00 [+]
Composite Pmi 51.80 52.90 58.30 44.70 points [+]
Bankruptcies 3088.00 2937.00 3697.00 1103.00 Companies [+]
Corporate Profits 13001.90 11689.20 13797.20 -224.00 RUB Billion [+]
Corruption Index 28.00 29.00 29.00 21.00 Points [+]
Corruption Rank 138.00 135.00 154.00 47.00 [+]
Ease of Doing Business 28.00 31.00 124.00 28.00 [+]