Russian Federation Services PMI

Last Release

Mar 31, 2024

Actual

51.4

Units In

Points

51.1

Frequency

Monthly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
58.5 Jul 2020	12.2 Apr 2020	52.02 Points	2010-2024	Markit Economics

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.

Latest Updates

The S&P Global Russia Services PMI increased to 51.4 in March 2024 from 51.1 in the previous month. It marked the 14th straight month of expansion in the services sector but the second-lowest in the current 14-month sequence of growth, as a renewed contraction in new export orders weighed on total new sales despite new order growth acceleration. New export orders shrank for the first time in 11 months, with foreign demand falling into the steepest contraction since February 2023. Employment increased for the eighth month in a row, with the job creation being modest, while backlogs of work accumulated rose despite easing. On the price front, input cost inflation eased to the weakest since July 2020, while output cost inflation slowed to a year-low as services firms passed through softer price hikes to customers. Finally, sentiment weakened to a three-month low but remained strong boosted by hopes of further upticks in client demand and investment in advertising campaigns.