Business activity in Russia’s manufacturing sector grew at the fastest pace in almost seven years in December, Reuters reported, citing consultancy Standard & Poor’s (S&P) Global.
“The global manufacturing business activity index rose to 54.6 in December from 53.8 in November, climbing above the 50 mark that separates growth from contraction. This was the highest reading since January 2017,” the publication said.
According to the article, production in Russia has been growing at “the fastest pace” over the past seven months, and new orders have also increased.
The study shows that this situation has arisen against the backdrop of strong customer demand in the domestic market, low unemployment and falling inflation.
Earlier, the head of the Russian Ministry of Industry and Trade Denis Manturov said that the Russian manufacturing industry, according to the ministry’s plan, will grow by about 7% in 2023. According to the Deputy Prime Minister, one of the main drivers of growth is the car industry. Such industries as microelectronics, radio electronics and machine building have also shown significant growth.
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