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.
Services PMI in Russia averaged 52.13 points from 2010 until 2020, 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 August 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.