Russian Manufacturing Grows at Fastest Pace Since March 2011
Thursday, 03 May 2012 | 14:30
Russian manufacturing grew in April at the fastest pace in more than a year as output and employment rose and new orders accelerated, HSBC Holdings Plc said.
The Purchasing Managers’ Index increased to 52.9 in April, the highest since March 2011, from 50.8 the previous month, HSBC said in an e-mailed statement today, citing data compiled by London-based Markit Economics. A level above 50 signals an expansion, while below that shows a contraction.
The International Monetary Fund last month boosted its 2012 growth forecast for Russia, the world’s largest energy exporter, as higher oil prices shield the economy from a possible slump in its biggest trading partners, the European Union and China. Improvements in manufacturing, which had been at the forefront of the country’s economic expansion, suggest a stronger recovery in industrial production in April after a weak March, HSBC said.
“Manufacturers surprised positively in April, expanding their portfolio of new orders and increasing output and staff levels faster than before,” Alexander Morozov, chief economist for Russia and the Commonwealth of Independent States at HSBC in Moscow, said in the statement. “The arrival of a late yet very warm spring to the European part of Russia must have improved manufacturers’ confidence.”
The Micex Index of 30 stocks advanced 0.7 percent to 1,483.73 as of 10:04 a.m. in Moscow. The ruble strengthened 0.2 percent against the dollar to 29.3410.
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