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Russia Services Growth Remains Strong

Russia's service sector grew at a softer pace in June, data from IHS Markit showed on Monday.

The services Purchasing Managers' Index fell to 56.5 in June from 57.5 in May. Any reading above 50 indicates expansion in the sector.

New business increased at a softer pace in June and new export orders rose at the fastest rate since April 2019.

The number of workforce increased in June at the sharpest rate since May 2011, while outstanding business declined further.

Business expectations strengthened to the highest level since May 2019 on hopes of an economic recovery.

Input price inflation eased in June and the rate of charged inflation slowed to the second steepest since January 2019.

The composite output index fell to 55.0 in June from 56.2 in the previous month.

"Although the Central Bank of Russia raised interest rates in its latest meeting, we forecast further increases in the policy rate before the end of 2021," Sian Jones, an economist at IHS Markit, said.

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