The S&P Global Russia Services PMI increased to 48.5 in May 2022 from 44.5 in April. The latest reading pointed to the third straight month of contraction in the service sector, but the weakest contraction in the sequence, with both output and new orders declining at a softer pace, as sanctions reduced customer purchasing power. Meantime, new export orders decreasing sharply, with the rate of decline was among the fastest since the data began in September 2014. At the same time, employment dropped at a solid rate, with backlogs of work declining substantially. On the price front, input cost inflation was among the steepest in over 20 years but eased to a three-month low, while output cost inflation slowed to the softest since February. Finally, business sentiment returned to positive territory amid hopes of an improvement in domestic economic conditions and greater client demand. However, the degree of confidence was below the series average. source: Markit Economics
Services PMI in Russia averaged 51.91 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 June of 2022.
Services PMI in Russia is expected to be 50.00 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.