MOSCOW (dpa-AFX) - Russia's manufacturing activity deteriorated in February, survey data from IHS Markit showed on Tuesday.
The IHS Markit Russia Manufacturing Purchasing Managers' Index, or PMI, fell to 48.6 in February from 51.8 in January.
The latest reading reflected the sharpest deterioration since August last year. A PMI reading below 50 signals contraction in the sector.
Output declined for the first time since August last year and new order inflow slowed in February.
New sales decreased in February and exports fell at the steepest pace for four months.
Employment recorded the sharpest decline since August last year and backlogs of work decreased.
On the price front, the rate of cost inflation quickened in February. Input prices and output costs increased.
The outlook for output for the next 12 months increased and the degree of confidence was the strongest since August 2019, with the hopes of increase in client demand and investment in new technology and production processes.
'Our current forecast expects industrial production to expand 6.6 percent in 2022,' Sian Jones, senior economist at IHS Markit, said.
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