The purchasing managers' index for manufacturing industries in Russia rose in February to 53.6 points from 52.6 points recorded in January, according to the "Standard & Poor's Global" agency.
Recent data indicate a further improvement in operating conditions in the Russian industrial sector, and the index's rise in February was the fastest in several years.
An index score above 50 indicates an increase in business activity, and below this level a decrease (50 points is the level that separates growth from contraction).
Regarding the reasons for the growth of factory activity throughout Russia last month, reference was made to the increase in new orders and the import substitution program (replacing imported products with local ones).
S&P Global said: “New orders grew on the back of increased demand and the acquisition of new customers. The pace was generally strong and was the fastest since March 2019. The rise in the index was driven mainly by higher demand from domestic buyers, while export orders fell in February. 2023 again.”
Source: Interfax