Business activity in the Russian manufacturing sector grew at the fastest pace in almost seven years in December, Reuters writes, citing the consulting company Standard & Poor’s (S&P) Global.
“The global manufacturing PMI rose to 54.6 in December from 53.8 in November, rising above the 50 mark that separates expansion from contraction. This was the highest figure since January 2017,” the publication says.
According to the article, production in Russia has grown at the “fastest pace” over the past seven months, and new orders have also increased.
The study shows that this situation arose against the backdrop of strong customer demand in the domestic market, low unemployment and declining inflation.
Previously, the head of the Ministry of Industry and Trade of Russia Denis Manturov stated that the Russian manufacturing industry, according to the ministry’s plan, will grow by about 7% in 2023. According to the Deputy Prime Minister, one of the main drivers of growth is the auto industry. Industries such as microelectronics, radio electronics and mechanical engineering also showed significant growth.
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2023-12-30 01:30:00
