No Christmas boom for Russian business

While businesses in US, UK, Europe are enjoying increased sales and orders over thanksgiving holidays, black Friday sales and for upcoming Christmas, Russian ones are seem to be sitting in dark corner.

Russia is world's largest country home to almost 15 million people, of which close to 70% are Christians (estimates vary). In spite of all that, it all gloomy for Russian Christmas this year.

According to latest PMI report from Markiteconomics, Russian output growth has only been marginal in October, with PMI at 50.2, which meager compared to more than a year of average contraction. Production had expanded at fastest pace in 11 months in October, which can partially be attributed to lower base effect and which might have faded in November.

Russia remains trapped in conflict - Western countries have imposed sanctions on Russian businesses, oil price remains very low, Saudi Arabia trying to grab away Russia's market share of energy products in its traditional playground Europe and recent downing of its jet by Turkey has exposed bitterness in Middle East.

So, it's probably no wonder that Russian business sentiment has hit record low in November. According to monthly business sentiment indicator compiled by MNI dropped to 37.1 in November.