In the Russian industry segment, the business activity index increased to 54.6, which was the best indicator since the beginning of 2017. This indicator was formed in connection with an increase in the volume of the manufacturing industry. The growth of export orders and the expansion of the military-industrial complex also had an impact, according to the Lenta.ru material. Analyst Vladimir Chernov Freedom Finance Global provided the relevant data to the publication.

Chernov said that the trend will continue to develop and may maintain momentum in February 2024. In addition, business activity of Russians traditionally declines in January.

“Production capacities will continue to expand, industrial enterprises will increase their staff,” the expert explained.

The service sector figure rose to its highest level since April. Over the month, it increased from 52.2 to 56.2 points, and the composite PMI in Russia amounted to 55.7 compared to 52.4 points in November.

Previously we reported that Bloomberg economist Isakov estimated the risk of an economic downturn in Russia at 70%. The high level of the key rate, which was set by the Bank of Russia, may introduce the risk of a recession in the Russian economy.