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Russian Manufacturing Activity Hits 6-Year High

The Tonar engineering plant in Russia's Moscow region. Alexander Avilov / Moskva News Agency

Russian manufacturing firms recorded their fastest rate of growth last month in almost six years due to new export orders and increased demand from domestic customers, according to a business survey published Thursday by S&P Global.

Despite Western sanctions imposed on Russia over its invasion of Ukraine, “firms expanded their input buying at the fastest pace since January 2017,” S&P Global said.

The seasonally adjusted S&P Global Russia Manufacturing Purchasing Managers’ Index rose in November to 53.2 from 50.7 in October. 

“Greater new sales spurred renewed increases in employment and inventories, with input buying expanding at a steep rate,” the report said.

According to the survey, firms also expanded their workforce numbers last month — in contrast with an October decline after Russian President Vladimir Putin announced a "partial mobilization" to draft 300,000 reservists for the war in Ukraine.

Western sanctions imposed on Moscow over the war in Ukraine have helped tip Russia into a recession, with the economy shrinking 1.7% in the first nine months of the year. 

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