New orders in the service of the Russian Federation grew at rates that have not been observed since 2008, according to a study HSBC, the PMI index of service industries in Russia in October reached 57.3 points, while the growth rates were the highest since May 2011
Thus growth index volumes industrial production was 55.3, suggests that the maximum growth rate in 19 months, and the total volume of production index reached its highest level since April 2010, and was 56.6 points.
It is noteworthy that the growth of business activity in the services sector was observed in the last month on the back of strong growth in new orders. Figure was the highest since July 2008, and the growth of the total volume in the industry and the services sector was the highest since June 2008
In October, the rate of decline has slowed backlogs, and of building up the number of employees, which has resulted in maximum growth of employment in the service sector since February this year.
The study notes that the company’s expectations for the next 12 months are optimistic, although the overall optimism decreased compared to September. The companies expect economic growth, which should support business activity.
"Russian service sector supported the manufacturing industry, pointing to a significant increase in business activity and new orders in October. In this respect, it looks like we are going back to the "golden" pre-crisis period, with the added bonus of lower inflationary pressures in the economy at present, "- commented on these studies HSBC chief economist for Russia and the CIS Alexander Morozov.
He noted that a strong impetus to the growth of the Russian economy has given private consumption and the latest data on indicators of PMI in key emerging markets allow us to hope that the world economy will support Russian exports. "Overall, we believe that economic growth in Russia in October exceeded the trend level, we still estimated at about 2.5% per annum," — said the economist.