Business activity in Russia’s services declined in November

According to a Markit analysis, the Russian services sector activity declined in October. The PMI decreased by 1.7 points compared to the previous month to 47.1 points. The activity decline in the country’s services sector has been observed for the second month in a row. The decline rates were the highest since October last year. The information received from the survey participants indicates a volume reduction in the services demand against the background of the introduction of additional restrictions due to the reduced increase in the number of coronavirus infected people. There was a decrease in orders from both Russian and foreign customers in November. Markit analysts note that the mood in Russian service operated sector companies has deteriorated. They do not assess the prospects of their work as optimistic as before did. Nevertheless, respondents expressed hope about improving issues in the nearest future.

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Arseny Kudrin

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