Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Russia’s Services Industry Grew Fastest in 17 Months, HSBC Says

Nov. 6 (Bloomberg) -- Russia’s services industry grew for a third month in October, accelerating to the fastest pace since May 2011 as new orders increased, encouraging companies to expand headcounts, HSBC Holdings Plc said.

The Russia Services Business Activity Index rose to 57.3 in October from 54.5 a month earlier, HSBC said in a statement today, citing data compiled by London-based Markit Economics. A reading above 50 shows growth, while below 50 indicates a contraction. The measure fell to 52 in July.

Russia, the world’s largest energy exporter, has relied on the private consumption that accounts for half the economy to drive growth as global demand for its commodities of energy and metals suffers. The pace of inflows of new work at service providers was the fastest since July 2008, resulting in the biggest increase in workforces since February, HSBC said.

“It is private consumption that has given a strong boost to the Russian economy,” Alexander Morozov, chief economist for HSBC in Moscow, said in the note. “It looks like we are back to the ‘golden’ pre-crisis years in this respect, with an extra bonus of lower inflationary pressures in the economy now.”

To contact the reporter on this story: Scott Rose in Moscow at

To contact the editor responsible for this story: Balazs Penz at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.