Russian Services Sector Records Fastest Output Growth in Over a Year: PMI

People visit the new restaurant "Vkusno & tochka," which opens following McDonald's Corp. company's exit from the Russian market, in Moscow, on June 12, 2022. Evgenia Novozhenina/Reuters

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.