Russia PMI July 2022

Russia

Russia: Services PMI hits highest reading since June 2021 in July

August 5, 2022

The IHS Markit Services Purchasing Managers’ Index (PMI) rose to 54.7 in July from June's 51.7. July's result marked the strongest reading since June 2021. As a result, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in business conditions compared to the previous month.

July’s result marked the strongest output growth in over a year. Services activity was propped up by a stronger growth in newbusiness thanks to firmer domestic client demand, which more than offsetting a sharper contraction in new export orders.

The S&P Global Composite Output Index stood at 52.2 in July, up from June’s 50.4.

FocusEconomics forecast private consumption to slump 9.8% in 2022, which is up 1.3 percentage points from last month’s projection. For 2023, panelists see private consumption falling 1.6%.


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Russia PMI July 2022 1

Note: S&P Global Purchasing Managers’ Index (PMI). Readings above 50.0 indicate an overall increase compared to the previous month, and below 50.0 an overall decrease.
Source: S&P Global.


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