Russian manufacturing rebounded in January from a 15-month low as an increase in domestic business helped propel new orders at the fastest pace since March 2011, HSBC Holdings Plc said.
The Purchasing Managers’ Index advanced to 52.0 in January from 50.0 in December, HSBC said today in an e-mailed statement, citing data compiled by London-based Markit Economics. A reading above 50 indicates an improvement in business conditions, while a result below that suggests a deterioration. Economists projected a smaller advance to 50.2, according to the median of five estimates in a Bloomberg survey.
Russia, the world’s largest energy exporter, saw growth slow last year to the weakest pace since a 2009 contraction. The improvement last month suggests manufacturing is stabilizing, which may bolster the broader economy, according to Alexander Morozov, chief economist for Russia at HSBC in Moscow. Manufacturing led industrial production gains for much of 2012.
“The manufacturing sector has rebounded in January after the bleak results in December,” Morozov said in the statement. The growth in new orders was “particularly strong” and was similar to trends before the 2008 crisis, he said.
The Micex Manufacturing Index (MICEXMNF) of nine stocks advanced 0.5 percent in January, trailing a 4.9 percent gain for the 50-stock Micex Index, according to data compiled by Bloomberg.
New business expanded at the quickest pace in 22 months, primarily led by domestic demand, according the report. New export business “stabilized” after contracting in December.
Micex Index advanced for a second day, rising 0.3 percent to 1,550.96 as of 10:48 a.m. in Moscow. The gauge of manufacturing stocks advanced 0.5 percent.
To contact the reporter on this story: Scott Rose in Moscow at firstname.lastname@example.org
To contact the editor responsible for this story: Balazs Penz at email@example.com