Investing.com -- Russia’s services sector entered contraction territory in June for the first time in a year, according to a business survey released Thursday.

The S&P Global Purchasing Managers’ Index (PMI) for Russia’s services sector dropped to 49.2 in June from 52.2 in May.

The decline in output was attributed to a less pronounced increase in new orders and weaker client demand.

While the rate of contraction was described as slight, S&P Global noted it compared unfavorably with the solid growth pace seen on average throughout the history of the series.

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