Russia’s service sector activity expanded at the slowest pace in five months in February, survey results from S&P Global showed on Wednesday.
The services purchasing managers’ index, or PMI, dropped to 51.3 in February from 53.1 in January. A score above 50 suggests expansion in the sector.
New orders increased for the fourth successive month on the back of further improvement in client demand, though the rate of growth eased to a three-month low.
There was a renewed decline in employment as voluntary leavers were often not replaced. However, the rate of job shedding was only marginal. The overall upturn in new orders also resulted in capacity pressures, and the rate of accumulation was the strongest since December 2024.
On the price front, input price inflation eased from January’s two-year high, though it was still the second fastest since early 2025 due to higher costs for fuel and utilities. As a result, selling price inflation accelerated to the second-fastest since October 2023.
Looking ahead, output expectations over the next year weakened, and the degree of sentiment dropped to the lowest since December 2022 due to concerns about higher costs.
The composite output index fell to 50.8 in February from 52.1 in January, reflecting only a marginal upturn in overall private sector activity in Russia as a slower rise in services output and a fall in manufacturing production were weighing on the expansion.
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