Russian Manufacturing Reaches Five-Year High

PHOTO by Peter Kovalev / TASS

Business activity in the Russian manufacturing sector has reached its highest level in the past 69 months, according to IHS Markit, a financial services company.

The Business Activity Index for the manufacturing sector reached 53.7 points in December, its highest point in almost six years. The December figure rose by 0.1 points from the previous month.

“The rise in the Russian manufacturing sector continued to gain momentum in December, as the head index indicated the strongest improvement in market conditions for 69 months,” said Samuel Agassi, a HIS Markit economist. “Healthier labour markets, a significant increase in production volumes and steady domestic demand have pushed economic growth.”