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
russia-manufacturing-pmi_2.png
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.
germany-manufacturing-pmi.png
Europe's other powerhouse the United Kingdom has also seen a sharp fall off in the PMI since sanctions were intoduced in July.
united-kingdom-manufacturing-pmi.png
The charts demonstrate rather clearly that Russia has gained at Europe's expense since the sanctions were introduced.
This post first appeared on Russia Insider
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