Russian manufacturing expands in Nov. ’24 – PMI

The Russian manufacturing sector recorded a modest improvement in November, with the S&P Global Manufacturing PMI rising to 51.3 from 50.6 in October.

Growth was driven by renewed expansions in output and new orders, as domestic and foreign demand improved, marking the fourth consecutive month of export order growth.

Despite gains, production and sales growth remained subdued, while workforce numbers fell marginally due to voluntary departures and sufficient capacity.

Input price inflation accelerated, reaching its highest rate since October 2023, driven by supplier price hikes and unfavourable exchange rates. Firms passed on rising costs to customers, with output charge inflation hitting a 14-month peak.

Supplier delays continued, albeit less severely than in previous months, contributing to inventory reductions as firms utilised stocks for production. Nonetheless, business confidence among manufacturers reached its highest level since July, reflecting optimism for future growth.

Attribution: S&P Global

Subediting: M. S. Salama