ECONOMICS COMMENTARY
Apr 03, 2014
Russian economy contracts in first quarter
Russian PMI data for Q1 2014 signalled the worst business conditions for manufacturers and service providers since mid-2009. The Composite PMI Output Index fell to 47.8 in March, signalling contraction. Given that manufacturing and services have supported recent economic growth this decline could act as a significant drag on total GDP unless other sectors such as utilities and construction pick up.
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