Russia Jan. Service Sector Growth Quickens To 6-Month High

Activity in the Russian service sector increased at the fastest pace in six months in January, data from a survey by Markit Economics and HSBC Bank showed Friday.


The seasonally adjusted purchasing managers' index (PMI) for the service sector advanced to 56.5 in January from 53.8 in December. A PMI reading above 50 indicates expansion in the sector, while one below suggests decline. The rate of growth in January was the biggest in the past six months.

New business received by Russian service providers accelerated at the second-fastest pace in the post-crisis period. Meanwhile, backlogs of work depleted at fastest rate in three months, owing to increased production levels.

Employment in the service sector rose at the fastest pace since May 2011. Input price inflation eased to a fifteen-month low, while output price inflation remained relatively weak.

At the same time, the composite output index, which measures performance of both the manufacturing and service industries, rose to 54.4 in January.