May Services PMI — Pace of Russian service economy continues to quicken in April
3 May 2002
For the seventh month running the seasonally adjusted Moscow Narodny Services PMI remained above the 50.0 no change level to indicate the continued expansion of the Russian services economy. April’s PMI registered 61.1, up from 60.6 in the previous month, to signal a marginally faster rate of growth of the service sector than that seen in March, and the fastest rate of growth since October last year. All component indices made positive contributions to the PMI during the month.
Commenting on the survey, Paul Timmons, Economist at Moscow Narodny Bank reported that:
"The pace of expansion in this month’s service sector PMI continues to reflect the increasing balance in Russia’s robust pattern of economic growth, with new orders continuing to stimulate employment growth and support domestic demand, signaling GDP to reach in excess of 4% this year.
