Global economy

The Russian economy is going down TAGS: | | | | | | | |

While Putin creates a nightmare in Ukraine, at least Russian economy continues to go to crap.

This is the message from the latest manufacturing PMI report for March, which shows continued shrinkage in the sector.

Just pay attention this commentary from HSBC’s chief economist for Russia:

“Business activity in manufacturing kept deteriorating at a marginally faster rate, the March HSBC Russia Manufacturing PMI survey revealed. As before, the deterioration was broad-based, reflected in all key business activity indexes. Notably, export demand shrank at the fastest rate since 2009. As a lead indicator, export demand predicts the likely continuation of contraction in manufacturing in the coming months. Structurally, growth in new demand and output was seen only in the consumer goods sector. At the same time, this sector has sharply increased its inventories, which is a negative signal for future business activity.

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