Russia Composite PMI Lowest in 3 Months

Russia’s S&P Global Composite PMI edged down to 48.9 in June 2026 from 49.2 in the previous month, marking the lowest reading since March and signaling a fourth consecutive month of contraction in private-sector activity. The decline reflected continued weakness in the service sector, which more than offset a further expansion in manufacturing output. New orders fell again, driven by a sharper drop in services demand, while manufacturers reported broadly stable sales. Meanwhile, backlogs of work continued to decline, pointing to spare capacity across the private sector. In response, firms extended workforce reductions, with some citing cost-cutting measures. On the price front, both input costs and output charges continued to increase, but inflationary pressures eased further, with the pace of cost and selling price growth slowing to the weakest so far in 2026 across both manufacturing and services.

Russia’s S&P Global Composite PMI edged up to 49.2 in May 2026 from 49.1 in the previous month, marking its highest reading since February. However, the latest result marked the third straight month of decline in private-sector activity. New orders shrank markedly across both the manufacturing and services sectors, as financial difficulties among clients weighed on demand. Firms further reduced staffing levels while backlogs of work fell at the sharpest pace in four years, reflecting reduced pressure on operating capacity. On the price front, inflation trends were mixed. While service providers reported a further easing in cost pressures from the elevated levels seen earlier in the year, a renewed acceleration in manufacturing input costs drove overall input price inflation higher. As a result, firms also raised output charges at a faster pace. Lastly, business confidence weakened.

Russia’s S&P Global Composite PMI edged up to 49.1 in April 2026 from 48.8 in March. However, it signaled a second straight month of contraction in private sector activity, as manufacturing output and services stayed subdued. New orders declined again, with a renewed fall in services demand coinciding with a modest drop in manufacturing sales, pointing to weak overall demand conditions. Employment fell for a third consecutive month. Backlogs also deteriorated further, as service sector outstanding work declined again and manufacturing work-in-hand contracted at a faster pace. On the price front, inflationary pressures eased, with both input costs and output charges rising at the slowest pace so far in 2026, retreating from the VAT-driven spike seen earlier in the year. Despite this moderation, cost increases remained relatively elevated. Looking ahead, overall sentiment weakened, largely due to softer optimism among service providers, highlighting ongoing uncertainty in the outlook.