The S&P Global Russia Services PMI increased to 54.7 in July 2022 from 51.7 in June. The latest reading pointed to the second straight of expansion in the sector and the strongest growth since June of 2021, as output grew to the fastest rate in over a year, amid a sharper upturn in new business which grew at its fastest since August 2020. However, new export orders dropped substantially, attributed to the ongoing impact of sanctions on foreign client demand. Meanwhile, employment rose for the first time since November 2021 and at the sharpest pace for a year, while backlogs of work rose for the first time in a year-and-a-half. On the price front, input cost inflation eased for the fourth month running, while output cost inflation accelerated. Finally, business sentiment strengthened to a ten-month high, amid hopes of further rises in new business and client demand. source: Markit Economics
Services PMI in Russia averaged 51.93 points from 2010 until 2022, 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 2022.
Services PMI in Russia is expected to be 50.10 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Russia Services PMI is projected to trend around 51.00 points in 2023 and 52.00 points in 2024, according to our econometric models.