"The rate of expansion was stronger than the series' long-run average and among the fastest for almost four years," S&P Global said. Prices increased for firms, in part down to the sharp rouble weakening in December as the market responded to the West's imposition of a price cap on Russian oil. "Higher supplier prices and unfavourable exchange rate movements reportedly drove a faster rise in cost burdens during January," S&P Global said. "Russian manufacturers noted that imported goods prices were pushed up as a result." Sanctions against Moscow over its actions in Ukraine have also contributed to the slowdown, with Western restrictions and a mass corporate exodus from Russia causing logistics delays and material shortages. "Weak foreign client demand and a loss of key export markets were often noted as driving factors behind the downturn," S&P Global said. But it noted that the pace of decline in new export orders was at its softest in nearly a year. The sector lost momentum in October after President Vladimir Putin announced a "partial mobilisation" that saw some 300,000 people - mostly young, working men - drafted for Russia's military operation in Ukraine. But it has shown resilience since then and in January output expectations strengthened to their highest since March 2019 on hopes of greater client demand and the acquisition of new customers, the survey showed. (Reporting by Alexander Marrow; Editing by Hugh Lawson)
MOSCOW, Feb 1 (Reuters) - Russian manufacturing sector
activity grew for the ninth month running in January, led by
strong sales, fewer supply delays and an uptick in output,
although demand was once again focused on the domestic market, a
survey showed on Wednesday.
The S&P Global Purchasing Managers' Index (PMI) eased in
January to 52.6 from 53.0 in December but held above the 50 mark
that separates expansion from contraction.
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