Russia’s Services PMI is an index which indicates upwards or downwards trends in various manufacturing and service-related sectors of the economy. When it falls below 50 points, it indicates a decline in economic activity.
The Purchasing Managers’ Index (PMI) for Russia’s service sector slumped to 37.1 points in March due to the spread of coronavirus, a message from IHS Markit reads. This reportedly reflects the sharpest decline in output in 11 years.
According to the company’s statement, Russian firms involved in the service sector demonstrated a significant decrease in business activity in March, turning away from “a moderate expansion” in February.
The PMI is an index that illustrates prevailing economic trends in the manufacturing and service sectors. A value above 50 points indicates an increase in economic activity
The ongoing coronavirus pandemic has left more than 50,000 dead globally, according to Johns Hopkins University data. Russia has around 3,500 registered cases of the infection, as of Friday morning; many non-essential shops and businesses have remained closed throughout the country since last week in accordance with quarantine measures.