once you have removed the quarantine restrictions, the Russian manufacturing and service sector rebounded, restaurants, beauty salons, cafes. The turnover has grown to 70-90 percent of pre-crisis.
the purchasing managers ‘ Index (PMI) in the services sector of the Russian Federation increased in June to 47.8 points from 35.9 points in may and after the collapse to 12.2 points in April 2020, estimated by the international research organization Markit.
a reading above 50 indicates growth in economic activity, below 50 — on its decrease.
the PMI Index of manufacturing industries of the Russian Federation, reflecting the activity in production in June increased to 49.4 points from 36.2 points in may. Production and new orders rose for the first time in a year.
“nevertheless, the gradual recovery of the economy and signs of renewed customer interest brought business confidence to a four-month high, noted the Markit economists. – The broader economic recovery has triggered a resurgence of optimism among the companies of sphere of service after three monthly
pessimism”.
“the Aggregate volume of production in the manufacturing sector and the service sector neared stabilisation is largely due to the expansion in the manufacturing sector, — said economist at IHS Markit sian Jones. New orders also returned to growth, albeit marginally. However, the damage in the second quarter, it seems, will affect economic growth, since our last forecast for 2020 indicates a possible decline in GDP by 8.6 percent.”
on Friday, July 3, was released in other countries. The index of business activity in the service sector of China rose to the highest level in 10 years – from 55 points in may to 58.4 in June, the highest level since April 2010. The index of business activity in the Eurozone in June increased to a maximum of four months to 48.5 points from 31.9 points in may.
