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Europe Crashes As Russian Recovery Remains Stable

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This post first appeared on Russia Insider

The latest Russian PMI manfuacturing data point to a changing and mixed recovery.

The monthly survey pointed to a recovering domestic economy based largely on import substitution, but a detriorating export led economy owing to weaker demand from Europe and China

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Russian Economy Finds Sound Footing
<figcaption>Europe's On The Brink</figcaption>
Europe's On The Brink

September's headline manufacturing PMI came in at 50.4 for the month down from August's 51. The 3rd quarter will register as the first positive manufacturing quarter in 2014 in what the chief economist of the report described as "a stable situation". For a bit more information on what the PMI manufacturing is check out last month's article here which explains it.

Meanwhile, things are not so pretty in Europe (as suggested by the export figures within Russia's PMI) as the powerhouse of the European economy, Germany, collapses.

Image icon germany-manufacturing-pmi.png
Sanctions Are Hurting..... Germany

Europe's other powerhouse the United Kingdom has also seen a sharp fall off in the PMI since sanctions were intoduced in July.

Image icon united-kingdom-manufacturing-pmi.png
UK's Recovery Falters On European Contagion

The charts demonstrate rather clearly that Russia has gained at Europe's expense since the sanctions were introduced. 

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