Strong demand at home has bolstered growth in Russia’s manufacturing sector, a survey has indicated.
Manufacturing expanded in March at the fastest rate since August 2006, according to the HSBC purchasing managers’ index (PMI).
Russian manufacturers geared up in response to the strongest rise in new orders since 2008.
The sharp rise in overall demand came in spite of rising prices and weaker exports, HSBC said.
“The PMI report draws a benign picture of fast growing manufacturing that can hardly catch up with the rising demand, increasing employment, and reducing inventories,” according to Alexander Morozov, chief economist for Russia and CIS at HSBC.
The PMI reading rose to 55.6 in March, up from 55.2 in February. The new orders index rose to 58.2, up from 57.3 in February. Any figure…