S&P Global: Russian business activity hits 11-m high in Nov. ’24

Russian service sector business activity grew at its fastest pace since January, with the S&P Global Russia Services PMI Business Activity Index rising to 53.2 in November, up from 51.6 in October.

The expansion was driven by stronger client demand, a faster increase in new orders, and the introduction of new service lines, marking the sharpest growth in new business since March.

Despite the rise in business activity, the pace of job creation softened to its slowest since February, even as employment levels continued their 16-month upward trend.

Backlogs of work increased for the first time in eight months due to the surge in new orders.

Input costs and output prices rose sharply, though at a slightly slower pace than in October. Firms cited higher supplier, transport, and wage costs, as well as unfavourable exchange rate movements, as key factors.

Business confidence improved, with companies optimistic about stronger demand and investments in new services supporting future growth.

Attribution: S&P Global

Subediting: M. S. Salama