The business activity index (PMI) in the manufacturing industries of Russia by the end of March 2016 fell to 48.3 points against 49.3 points in the previous month, according to Markit. In January of this year and December of last PMI also was held below 50 points, this means that the decline in Russian industry has continued for four months in a row.
“Russian production is currently in the midst of crisis. The headline index has dipped below the critical level, pointing to a seven-month low. Overall, the first quarter of 2016 was disappointing for Russian manufacturers,” said Markit economist Samuel Agass.
According to experts, in March 2016 the rate of decline of employment in the Russian manufacturing sector accelerated to a maximum of 14 months.
The PMI is based on a survey of managers of leading companies, their assessment of the current situation in the economy and prospects of business development. If the index grows above 50, it indicates growth, below — its decline.