Data showed that the Russian industrial sector grew last May for the thirteenth month in a row, as employment grew at the fastest pace in the past twenty years.
And a trade survey reported that activity in Russia’s manufacturing sector rose despite shrinking export orders, according to Reuters.
The Standard & Poor’s Purchasing Managers’ Index (PMI) for manufacturing rose to 53.5 in May 2023 from 52.6 in April 2023, moving above the 50 mark that separates growth from contraction.
A PMI value above 50 points indicates an increase in business activity, and below this level it indicates a slowdown.
And yesterday, the Russian economy recorded growth last April, for the first time in a year, as the gross domestic product showed an increase of 3.3% in annual terms, after declining by 0.7% last March.
This article was originally published by RT.
