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Monday, March 27, 2023

Russia’s economy posted the most notable growth in six years

S&P Global analysts said that the business activity index (PMI) in Russia in February 2023 was 53.6%, compared to January it increased by 1%, which is the increase most noticeable in the last six years. A PMI above 50% indicates growth in the manufacturing industry and the economy as a whole.

Russian manufacturing companies have shown positive dynamics in their field. This concerns the expansion of production and the pace of sales. The upward trend in sales across the manufacturing sector continued.

Of note, buying activity increased for the sixth consecutive month. At the same time, the decline in exports was offset by an increase in domestic demand and import substitution orders. Production forecasts remain optimistic until the end of 2023.

Analysts have described the problems as the need to significantly increase the scale of production, which will require the expansion of personnel not only in the defense industry sector, but also in factories. However, given that Russia is under sanctions, the current performance cannot be called bad. It turned out that a number of industries proved to be extremely stable and ready to grow. Thus, the OPK helped to compensate for the fall of Russian industry.

Earlier, French MEP Thierry Mariani suggested that the tenth package of anti-Russian sanctions adopted by the European Union could be the last. The emerging disagreements between EU member states will not allow the introduction of new restrictions against Russia. The loudest call to stop the sanctions pressure on Moscow comes from Hungary, Austria and Slovakia.

Photos used: collage of reporters

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