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Economic Indicator

30 Dec 2021

Russian Services Sector Declines in December as COVID-19 Takes Toll

The Index Today

A business survey showed on Thursday that Russia's service sector contracted for a third straight month in December as the volume of new orders shrank, while business confidence fell to its lowest level in more than a year.

According to the present data, the Markit purchasing managers index (PMI) for the services sector rose to 49.5 from 47.1 in November but remained below the 50 mark that separates expansion from contraction.

Sian Jones, senior economist at survey compiler IHS Markit said, "The sector has been particularly hard-hit by COVID-19 restrictions, especially those in consumer-facing industries."

The monthly survey is also showing a Weak demand from domestic and foreign clients led to spare capacity, resulting in a renewed contraction in workforce numbers.

"Headwinds facing Russian private sector firms will be significant going into 2022, as high inflation, growing COVID-19 cases and weak demand threaten the near-term outlook," Jones added.

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