Russia Industrial Output March 2008

Russian manufacturing expanded in March at the same pace as in March according to the latest reading on the VTB Bank Europe's Purchasing Managers' Manufacturing Index for Russia, which held steady at 54.6, when it dropped from a 17-month high, a gauge of industrial production showed, the same pace as in February but down from the seventeen month high of 55.3 attained in January. A figure above 50 indicates growth, below 50 a contraction. The bank surveyed 300 purchasing executives among Russian manufacturers.

``The Russian manufacturing sector maintained growth at an elevated level in March,'' Dmitry Fedotkin, an economist at VTB, said in the statement. ``Rapid growth'' was recorded for new orders and output, while employment rose, he said.

Imports to Russia, the world's biggest oil and gas exporter, grew faster last year than in 2006 as rising incomes and investment fueled demand for manufactured goods. Import growth accelerated to 35 percent in 2007 as the trade surplus narrowed 5.1 percent, according to the latest data from the central bank.