MOSCOW, December 30. Business activity in the Russian manufacturing sector in December grew at the fastest pace in almost seven years, Reuters writes, citing the consulting company Standard & Poor's (S&P) Global.
“»The global manufacturing PMI rose to 54.6 in December from 53.8 in November, rising above the 50 mark that separates expansion from contraction. It was the most the highest level since January 2017,” the publication says.
As the article reports, production in Russia has grown at the “fastest pace” over the past seven months, and the number of new orders has also increased.
The study shows that this situation arose against the backdrop of high customer demand in the domestic market, low unemployment and lower inflation.
Earlier, the head of the Russian Ministry of Industry and Trade, Denis Manturov, said that the Russian manufacturing industry, according to the ministry’s plan, will grow by about 7% in 2023. According to the Deputy Prime Minister, one of the main drivers of growth is the auto industry. Also, significant growth was shown by such industries as microelectronics, radio electronics and mechanical engineering.