Activity in Russia's services sector grew for the fifth consecutive month and at the fastest pace since January 2024, a business survey showed on December 4.
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| Russia's economic situation is gradually improving despite difficulties at home and abroad, especially developments in Ukraine. (Source: The Moscow Times) |
The S&P Global Purchasing Managers' Index for Russia's services sector rose to 53.2 in November 2024, from 51.6 in October. The figure remains above the 50-point mark that separates growth from contraction.
Exports returned to growth in November 2024. Employment in the sector also increased for the 16th consecutive month. Russia is battling persistent inflation and the devaluation of the ruble in recent weeks. The figures show that the cost burden for companies has increased significantly.
S&P Global said the increase in input prices was related to higher costs for suppliers, transportation and wages. Some said adverse exchange rate movements pushed up purchasing prices.
Businesses face renewed capacity pressures and backlogs of work increase for the first time in eight months. Meanwhile, Russian service providers are showing increased confidence, with companies expressing optimism about future output.
A similar business survey released on December 2 said activity in Russia's manufacturing sector increased slightly in November 2024, thanks to growth in output and new orders, despite companies cutting jobs.
Source: https://baoquocte.vn/nganh-dich-vu-cua-nga-tang-truong-thang-thu-nam-lien-tiep-296220.html
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