15-January-2025
Economy News
 
New Export Business Boosts Russia's Service Sector in August, PMI Shows
04-Sep-2024

Activity across Russia's services sector grew at its fastest pace in seven months in August, a business survey showed on Wednesday, boosted by a sharp expansion in new export business. The S&P Global Purchasing Managers' Index for Russian services rose to 52.3 in August from 51.1 in July, moving further above the 50 mark that separates expansion from contraction. Activity in Russia's manufacturing sector has largely been built on domestic demand since Western capital and companies left Russia in response to its February 2022 invasion of Ukraine. But export orders in the services sector have largely remained resilient. The expansion in August was the second largest since the start of the war.

News Source:- https://money.usnews.com/investing/news/articles/2024-09-04/new-export-business-boosts-russias-service-sector-in-august-pmi-shows