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The
S&P Global Purchasing Managers' Index (PMI) for manufacturing
rose to 54.6 in December from 53.8 in November, moving further
above the 50 mark that separates expansion from contraction. It
was the highest reading since January 2017.
Output rose at its fastest pace in seven months and new orders
also increased sharply again.
"Greater client demand was largely focused on the domestic
market, however, as new export orders fell for the second month
running," S&P Global said in a statement.
"Fewer customer requests from clients in key export markets led
to the fastest fall in new business from abroad since July."
Moscow is spending heavily on manufacturing, pouring cash into
the defense sector to ramp up military production following its
February 2022 invasion of Ukraine. The sector's growth in the
almost two years since then has been largely predicated on
domestic demand.
Manufacturers are still grappling with logistical upheavals due
to Western sanctions and the high cost of imported goods,
hampered by the weak rouble and high inflation. The survey
showed the rate of inflation was softening, S&P Global said.
Despite labour shortages in Russia, with unemployment at a
record low 2.9%, firms increased staffing numbers to try to
reduce backlogs of work, S&P Global said, though companies
remained optimistic about the future.
"Confidence stemmed from planned investment in new products and
machinery," S&P Global said. "The level of positive sentiment
was historically elevated despite dropping to a three-month
low."
(Reporting by Alexander Marrow; Editing by Hugh Lawson)
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