MOSCOW, July 1 (Reuters) - Russia's manufacturing economy extended its growth in June on the back of solid domestic demand with output levels showing a rise for the forty-fourth consecutive month, Moscow Narodny Bank said on Monday.
The June Manufacturing Purchasing Managers' Index (PMI), featuring research data from a survey of 300 Russian purchasing managers, stood at 52.6, a rise on May's 51.3. A reading above 50 means expansion, the bank said in a statement.
"Market confidence in Russia, in notable contrast to other economies, will be boosted by the fact that as a leading indicator, the PMI suggests growth will be sustained through till September," it said.
PMI, the seasonally adjusted composite indicator, is designed to provide a single figure snap-shot of manufacturing conditions.
The increase in the PMI in June was mainly driven by the continual strength of demand for Russian manufacturing goods, the statement said.
"The seasonally adjusted new orders index recorded its highest level since last Novemeber as around one third of panel members reported an increase in their level of new orders," the report said.
Overseas demand for Russian goods also improved but at a smaller scale with new export orders index staying above the 50 rate for the fourth consecutive month, it said.
In response to increasing demand levels Russian manufacturers increased their production levels in June at a rate of growth not matched since October 2001, it added.