Russian Services Sector Contracts at Fastest Pace in May
The Russia Services PMI fell to 48.7 in May as weak demand drove declines in orders. Export sales dropped sharply while business confidence hit a multi-year low.
Insights:
Russia saw its services sector contract in May as the S&P Global Services PMI fell to 48.7 from 49.7 in April. This reading represents the fastest pace of contraction for the sector since September. The sustained decline suggests that domestic demand is cooling, which may signal a broader slowdown in the Russian economy.
