Russia’s manufacturing purchasing managers’ index slipped to a reading of 52.5 in February, down from 54.7 in January, a four month low. However, the manufacturing segment of the economy is still expanding as a reading above 50 indicates growth.
Both output and input expanded last month, albeit weaker than it has been in the recent past. The Kremlin has advertised a slightly positive GDP for 2017 after several years of a deep recession which saw millions Russians fall into poverty.
The rate of job creation also slipped in Feb. Personal income in Russia has been hit hard by the recession, sanctions, and the reduced price of oil on international markets. Ordinary Russians have seen salaries shrink while inflation raged.
On the price front, the survey showed that goods producers registered another rise in purchase costs during February, but the rate of inflation eased to the joint-weakest in four years, reports RTT.