Russia's invasion of Ukraine proved determinantal to the smaller nation, with the World Bank estimating a 45% contraction in Ukraine's GDP in 2022. The aggressor also had to pay a price, as evidenced by a slowdown in growth.
The latest economic data suggests that the Russian economy may be recovering from the impact of global sanctions and the costs associated with waging a war.
The manufacturing sector in Russia entered into expansion territory for the first time since January, according to the manufacturing purchasing managers' index (PMI) released by S&P Global.
The seasonally-adjusted manufacturing PMI increased from 48.2 in April to 50.8 in May, with the 50-level demarcating expansion and contraction. The improvement came about due to slower declines in output, new orders, employment and stock of purchases.
Russia commenced military operations in Ukraine on February 24, and ever since the manufacturing PMI has been trending below 50.
Manufacturing output and new orders fell further, but at a slower pace, as sanctions dented client demand. New export orders continued to plunge and supplier delivery times lengthened substantially as trade and logistics routes were reduced.
On the other hand, inflation slowed, with input prices rising at the slowest pace since July 2020 and selling price inflation slowing to the lowest level in about two years.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.