Russian manufacturing sector contracts at slower pace in February, PMI shows

Moscow reported on March 2 that Russia's manufacturing sector continued to contract in February, but the pace of decline eased for the second consecutive month as new orders stabilized, according to data released by S&P Global on Monday. The Purchasing Managers' Index (PMI) for Russia's manufacturing sector, which indicates overall health of the industry, showed readings below the 50.0 threshold that separates contraction from expansion for the 15th consecutive month. However, the February reading of 48.1 marked an improvement from January's 47.5, suggesting that the sector's downturn may be gradually moderating despite ongoing challenges. The stabilization was primarily attributed to renewed growth in new orders, which had been declining for several months prior, potentially indicating a bottoming out of demand in the sector. Analysts suggest this could be a tentative sign that the worst of the manufacturing downturn may be over, though full recovery remains uncertain given broader economic pressures facing Russia.