Russia Composite PMI Highest in A Year

Russia’s S&P Global Composite PMI rose to 52.1 in January 2026 from 50.0 in December, marking the highest level since January 2025 and signaling a renewed expansion in private-sector activity. The contraction in manufacturing output eased, while services activity accelerated further. New orders increased at the fastest pace in a year, as a softer decline in manufacturing demand coincided with stronger growth in services' new business. Employment levels were broadly stable overall. On the price front, a recent increase in the VAT rate pushed up cost burdens for both manufacturers and service providers, leading to a sharper rise in input costs and output charges compared with December. Price pressures remained historically elevated across both sectors. Looking ahead, business confidence improved in manufacturing and services, supported by expectations of stronger demand and improving operating conditions.

Russia’s S&P Global Composite PMI came in at 50.0 in December 2025, little changed from 50.1 in the previous month, pointing to broad stagnation in private-sector activity. A deeper contraction in manufacturing output was largely offset by a faster expansion in services activity, leaving overall growth flat. New orders rose modestly, increasing for the first time since May, supported mainly by improving demand conditions in the services sector. Despite this, firms across both manufacturing and services continued to reduce headcounts, reflecting ongoing caution toward the outlook. Still, capacity pressures persisted, as evidenced by a faster accumulation of backlogs of work. On the cost front, input price pressures intensified in manufacturing, while a much softer increase in services costs helped restrain overall inflation. Meanwhile, firms reported a slower pace of price increases, with output charges easing across both goods producers and service providers.

Russia’s S&P Global Composite PMI registered 50.1 in November 2025, barely changed from October’s 50.2. The latest reading signaled broad stagnation in private-sector activity, with stronger services growth nearly offset by a sharper decline in manufacturing output. Total New orders stabilized after five months of contraction, supported by a renewed growth in services orders. Meanwhile, staffing levels increased broadly, with manufacturing returning to job creation. Simultaneously, operating expenses and selling prices rose more slowly, remaining below their respective series averages, as inflationary pressures intensified in manufacturing but eased in services. Finally, both goods producers and service providers reported stronger optimism for output over the coming year.