Russia's service sector recorded strong growth in February, and the rate of expansion accelerated from the previous month, data from a survey by Markit Economics and HSBC Bank showed Tuesday.
The seasonally adjusted purchasing managers' index for the service sector rose to 56.1 in February from 55.7 in January. A PMI reading above 50 indicates expansion in the sector, while one below suggests contraction. The sector recorded growth for two-and-a-half years.
New orders received by Russian service sector firms increased further in February, data showed.
Service providers raised their workforces further in February, though at a modest rate, leaving the employment level little changed from January's five-month low. Input price inflation in the sector remained weak in the context of historic survey data.
At the same time, the composite output index, which measures activity in both the manufacturing sector and the service sector, edged up to 54.9 in February from 54.8 in January.
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