The business climate for Russian manufacturers improved in September, demonstrating the best overall performance since May, according to the latest HSBC Purchasing Managers’ Index data published in the Markit Economics business survey on Monday.
“The PMI improved to a four-month high of 52.4 in September, up from 51.0 in August and slightly above its historic average of 52.1,” Markit said in a statement.
HSBC’s PMI is a composite indicator designed to give a single-figure snapshot of operating conditions in the manufacturing economy. An Index above 50 points indicates growth, while below 50 points shows a decline in business activity in the sector.
Russian goods production increased in September, continuing the trend registered since August 2009. Moreover, the rate of expansion accelerated to the fastest since April. Output continued to be supported both through increases in new business and the completion of backlogs, the survey said.
“New orders placed with Russian manufacturers rose for the twelfth month in a row in September. The rate of growth was the strongest in four months, supported by a marginal increase in new export business.”
The September HSBC Manufacturing PMI release proves the ability of Russian manufacturing to grow despite global headwinds, HSBC Chief Economist for Russia and CIS Alexander Morozov said.
“The energy-biased structure of Russian exports makes it pretty resilient to weaknesses in international trade. Besides, a large and growing domestic market gives some independent impetus to manufacturing growth,” Morozov said