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

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.

The IHS Markit Russia Services PMI increased to 35.9 in May 2020 from 12.2 in the previous month. The latest reading pointed to the third straight month of contraction, and the second-fastest since early-2009, as the impact of emergency restrictions following the outbreak of coronavirus disease 2019 was felt across service sector. The decrease was driven by both temporary business closures and a substantial drop in client demand, with difficulties for customer-facing business to reopen due to emergency public health measures. Subsequently, firms cut their workforce numbers markedly as lower new business inflows led to spare capacity.On the price front, input costs rose at the softest since last November. Meanwhile, output charges declined for the second successive month and the fastest since October 2009, amid efforts by firms to attract new clients. Finally, Russia service providers remained pessimistic.

The IHS Markit Russia Services PMI tumbled to 12.2 in April 2020 from 37.1 in the previous month. The latest reading pointed to the second straight month of contraction and the weakest reading in the series history, as the impact of emergency restrictions following the outbreak of coronavirus disease 2019 was felt across service sector. The decrease was driven by both temporary business closures and a substantial drop in client demand, with customers holding back on spending and postponing order placements. Subsequently, firms cut their workforce numbers markedly amid burgeoning spare capacity. Service providers also remained pessimistic towards output over the coming year, despite confidence improving slightly from that seen in March.