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Russia's Service Sector Grows At Slower Pace

The Russian service sector lost growth momentum in April, survey data from Markit Economics showed Friday.

The HSBC Purchasing Managers' Index for the service sector dropped for the third consecutive month in April to 52.6, the lowest since September 2010. Nonetheless, the index remains above the neutral 50 mark.

A composite output index covering both manufacturing and services was broadly stable at 53.4, from 53.6 in March, as goods production rose at a faster pace. The weakness in services was offset by strong manufacturing activity.

"Overall, the economy kept growing modestly in April, but continued easing its growth momentum," Alexander Morozov, chief economist (Russia and CIS) at HSBC said. "Unless stronger exports and domestic demand expansion in manufacturing continues, economic growth will weaken further."

by RTTNews Staff Writer

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