Russian manufacturing expanded at one of the slowest rates in the past 18 months in April as growth in new orders slowed.
The HSBC purchasing managers' index slipped to 50.6 in April from 50.8 the previous month, its second-lowest pace of expansion in the last year-and-a-half.
But the figure, a composite snapshot of the country's manufacturing industry, which accounts for about 16 percent of economic output, has held above the 50.0 mark that separates expansion from contraction every month since August 2011.
"Growth momentum in Russian manufacturing has remained below the post-crisis trend," said Alexander Morozov, chief economist for Russia and CIS at HSBC.
New order growth lost momentum for the third month in a row, falling to its weakest level in eight months, partly reflecting a further drop in new export business. The related subindex fell to 52.7 from 53.3 in March.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
