Activity in the Russian manufacturing sector increased at a faster rate in April, data from a survey by Markit Economics and HSBC Bank showed Thursday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector rose to 52.9 in April from 50.8 in March, indicating the best overall performance of the sector since March 2011. A PMI reading above 50 indicates expansion, while one below suggests decline.
New orders received by Russian manufacturers expanded at the fastest pace since March 2011, with export orders registering a second successive monthly rise. Production also increased at the fastest rate since March 2011.
Russian manufacturers increased their workforces at the strongest pace in one year in April. Input price inflation remained relatively weak during the month, while output prices rose marginally.
"Manufacturers surprised positively in April, expanding their portfolio of new orders and increasing output and staff levels faster than before, according to the results of the HSBC Russia Manufacturing PMI survey," HSBC economist Alexander Morozov said. "The arrival of a late yet very warm spring to the European part of Russia must have improved manufacturers' confidence."
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org