https://sputnikglobe.com/20231230/russias-manufacturing-sector-expands-at-record-high-pace-in-defiance-of-wests-sanctions-1115888723.html

Russia’s Manufacturing Sector Expands at Record-High Pace in Defiance of West's Sanctions

Russia’s Manufacturing Sector Expands at Record-High Pace in Defiance of West's Sanctions

Sputnik International

Despite sweeping Western sanctions targeting Russia, the expansion of the country’s manufacturing sector reached a record-high pace for the last seven years in December, according to Standard & Poor’s (S&P) credit rating agency.

2023-12-30T06:27+0000

2023-12-30T06:27+0000

2023-12-30T06:27+0000

russia

russia

standard & poor (s&p)

pmi

inflation

manufacturing

manufacturing sector

https://cdn1.img.sputnikglobe.com/img/07e7/0c/1e/1115887978_0:200:2934:1850_1920x0_80_0_0_8b79a42ca68be24e655dfe4f49d7f824.jpg

Despite sweeping Western sanctions targeting Russia, the expansion of the country’s manufacturing sector reached a record-high pace for the last seven years in December, according to data released by the credit rating agency Standard & Poor’s (S&P).Russia’s Manufacturing Purchasing Managers' Index (PMI) rose to 54.6 in the last month of the year, the business survey revealed on Friday. The upswing from 53.8 recorded in November marked the highest reading since January 2017, the agency added.Any growth of the PMI above the 50-mark threshold indicates expansion in a sector.S&P underscored that the growth streak had been evident for close to 11 months in succession, and was due to boosted sales prompted by both domestic and international demand. The manufacturing surge had, in turn, stimulated job creation, with the latter reaching a three-month high level. Unemployment in Russia was at a record low of 2.9%, S&P Global said. Strong domestic and foreign demand had resulted in the service sector in Russia similarly expanding in December, according to the survey. As far as inflation was concerned, it was at 7.47% in November 2023, but was "softening," the agency stated.Underscoring companies’ optimistic outlook for the future, S&P Global said:Russia has faced incessant economic pressure from the United States and EU as they initially sought to crush the Russian economy with sweeping sanctions over Ukraine. However, the restrictions backfired, while Moscow has not only withstood the unprecedented external strain, but managed to show steady growth indicators by securing new bilateral economic alliances and further strengthened existing ones.Moscow's Federal State Statistics Service (Rosstat) confirmed a 5.5% GDP growth for the third quarter in December, with Russian presidential aide Maxim Oreshkin noting that Russia has become the largest economy in Europe. "The so-called economies of the Global North - the United States, Japan, the EU - are gradually losing their role and importance," Oreshkin stated in an interview with Expert magazine. Globally, he stressed, the Russian economy is just behind Japan in the race for the fourth-largest.Russia, the world’s largest energy exporter, has also benefited from high prices for oil and gas that were also spurred by the West's trade embargos against it.Kremlin spokesman Dmitry Peskov said earlier that the Russian economy has managed to stabilize and grow because it was able to "mobilize all the resources and internal forces to prevent that collapse."

https://sputnikglobe.com/20231226/russia-now-europes-largest-economy---presidential-aide-1115816838.html

https://sputnikglobe.com/20231227/us-europe-likely-on-track-to-become-failed-economies-1115839426.html

russia

2023

News

en_EN

russian economy growth, anti-russian sanctions, manufacturing sector, pmi, russia’s manufacturing purchasing managers' index