Bloomberg News

Russian Services Growth Reaches Four-Month High, HSBC Says

December 06, 2011

(Adds HSBC comments from third paragraph.)

Dec. 5 (Bloomberg) -- Russian services industry growth accelerated in November to the fastest pace in four months, showing the economy will end the year on a “optimistic note,” HSBC Holdings Plc said.

The HSBC Russia Services PMI rose to 54.8 from 53.5 in October, the U.K. bank said in a report today, citing data compiled by Markit Economics. A reading above 50 shows growth, below 50 contraction. The measure reached 56.9 in July.

Combined with manufacturing, which expanded at the fastest pace since April, overall news business growth hit an eight- month high, said Alexander Morozov, chief economist for Russia and CIS at HSBC, in the statement.

“The slowdown in Russian economic growth signaled by the PMIs in the third quarter seems to have been reversed in November,” Morozov said. This indicates that GDP will return to its average growth rate for the past 12 months of about 0.35 percent per month, he said.

--Editor: Brad Cook.

To contact the reporters on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net; Scott Rose in Moscow at rrose10@bloomberg.net

To contact the editor responsible for this story: Brad Cook at bcook7@bloomberg.net


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