MOSCOW—Russia’s services sector expanded in July at its fastest pace in more than a year, a business survey showed on Wednesday, as strong domestic demand outweighed slumping export orders for Russia’s increasingly isolated firms.
The S&P Global Purchasing Managers’ Index (PMI) rose to 54.7 in July, its highest since June 2021 and up from 51.7 in June this year, pulling further clear of the 50 mark that denotes expansion.
“The rate of output growth was the fastest for just over a year, with activity supported by a sharper upturn in new business,” S&P Global said in a statement….