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Russia’s Services, Composite PMIs Lowest Since Jan 2023

RUSSIA
  • Russia’s services PMI fell to 51.1 in February from 55.8 in January, while its composite PMI fell to 52.2 from 55.1. Both figures mark their lowest readings since January 2023. On the other hand, data last week showed Russia’s manufacturing PMI rose to an above-estimate 54.7 from 52.4.
  • The Russian government has begun working on fiscal measures to increase the fairness of taxation that President Putin announced in his address to the nation last week, Vedomosti’s sources said. The planned amendments to the Tax Code will include changes to the personal income tax and a likely increase to the corporate profit tax.
  • Russian coal exports fell 8% y/y to 14.6 million tonnes in January, Vedomosti report. Exports to India and Turkey plunged 55% and 47%, respectively, while exports to China, the largest market, fell 10.5%. However, coal production rose by 1.7% y/y to 35.8 million tonnes as domestic consumption grew.
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