Russian manufacturing shrank for a third month in April, mainly due to further cuts in production and employment, albeit at a slower pace than in the previous month.
The S&P Global Purchasing Manager’s PMI rose to 48.2 points from 44.1 points last month, remaining below the 50-point mark separating growth from recession.
The investigation did not mention Ukraine, but S&P Global said the sanctions had affected customer demand and companies’ ability to supply raw materials.
Western countries have imposed unprecedented sanctions on Moscow over Russian actions in Ukraine.
The outlook was ominous influenced by expectations of reduced purchasing power among customers.
Higher import substitution and hopes for a long-term improvement in economic conditions kept the sign of future production above the 50 level, but the degree of optimism was at the second lowest level of the last 23 months.
Source: Capital
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