Russian business sentiment recovered slightly in June from a five month low in May, though it remained considerably lower than at the start of 2014 due to sanctions and economic slowdown. The MNI Russia Business Indicator rose to 50.5 in June from 49.2 in May but was 12.6% below June 2013 levels. Both production and new orders rose marginally in June while export orders increased but remained below the breakeven level of 50. The chief economist commented that while tensions in Ukraine continued, calmer rhetoric and actions on sanctions eased business concerns.

1. Embargoed until 9:45 A.M. Moscow Time, 25 June 2014
Media Release
MNI Russia Business Indicator Rises to 50.5 in June
from 49.2 in May
Domestic and Export Orders Pick Up
Russian business sentiment recovered slightly in
June from a five month low in May, although was still
considerably down from the start of 2014, as business
confidence has been hit by the sanctions from the US
and EU, amid an already sharp slowdown in economic
growth.
The MNI Russia Business Indicator rose to 50.5 in
June from 49.2 in May, although it was 12.6% below
the level seen in June 2013. Russian business
sentiment bottomed out in the final quarter of 2013
and bounced back at the start of the current year
boosted by the Sochi Olympics. In Q2 2014,
confidence was 8.8% below the previous quarter and
15.2% below the corresponding period a year ago.
Both Production and New Orders rose marginally in
June, with the former now in-line with the average
since the survey began in 2013. The Export Orders
Indicator picked up to 49.0 in June from 46.9 in
May, still below the breakeven 50 level, but up from
44.4 in April.
The current weak economic conditions, coupled with
the tensions in Ukraine, have created a highly
uncertain business environment in which companies
have been running down stocks. In Q2 2014, the
level of inventories averaged the lowest since the
start of the survey.
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Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved.
For more information:
Naomi Pickens
Media Relations
Deutsche Börse
T+1-212-669-6459
naomi.pickens@deutsche-boerse.com
Sales enquiries: info@mni-indicators.com
Editorial content:
Philip Uglow,
Chief Economist
MNI Indicators
Commenting on the latest survey, Philip Uglow, Chief
Economist of MNI Indicators said, “Business
sentiment has weakened over the past year
considerably, although June showed some signs of
stabilisation. While the situation in Ukraine rumbles
on, the rhetoric and action on sanctions has calmed,
easing some concerns from businesses.”
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MNI Russia Business Indicator
Current Conditions
Future Expectations

2. Media Release 2
Copyright© 2014 MNI Indicators | Deutsche Börse Group
Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved.
About MNI Indicators
MNI Indicators specialises in producing business and consumer surveys designed to present an advance picture of the economic landscape and
highlight changing trends in business and consumer activity. The timely reports explore attitudes, perspectives and sentiment across the globe,
including China, India and Russia. Alongside MNI Indicators’ core focus on consumer and business surveys in emerging markets, MNI Indicators
produces the renowned Chicago Business Barometer (Chicago PMI), a key leading indicator of the US economy. MNI Indicators is part of MNI, a
leading provider of news and intelligence, a wholly owned subsidiary of Deutsche Börse AG, and one of the largest worldwide exchange organisations.
For more information, please visit www.mni-indicators.com / Contact: info@mni-indicators.com
Notes to Editors
Please source all information to MNI Indicators.
MNI Russia Business Sentiment is a monthly poll of Russian business executives at companies listed on the Moscow Exchange. Companies are a mix of
manufacturing, service, construction and agricultural firms.
Respondents are asked their opinion on whether a particular business activity has increased, decreased or remained the same compared with the previous
month as well as their expectations for three months ahead, e.g. is Production higher/same/lower compared with a month ago?
Diffusion indicators are then calculated by adding the percentage share of positive responses to half the percentage of those respondents reporting no
change. An indicator reading above 50 shows expansion, below 50 indicates contraction and a result of 50 means no change.
Data is collected through computer aided telephone interviews (CATI) and around 200 companies are surveyed each month.