Russia Composite PMI Falls to 3-Month Low

Russia’s S&P Global Composite PMI fell to the neutral level of 50.0 in October 2026 from September’s seven-month high of 50.8, pointing to stagnation in private-sector business activity following two months of marginal growth. The stall came as a slower decline in factory orders was offset by a renewed reduction in sales across the service sector. Employment rose fractionally, ending an eight-month sequence of job shedding, while the backlog of work fell solidly, marking the fastest decline in three months. On the price front, input costs rose sharply, as a slower increase in manufacturing input costs was offset by a quicker rise in expenses faced by services companies. Meanwhile, selling prices rose to a nine-month high, driven by service providers.

Russia’s S&P Global Composite PMI edged up to 50.8 in September 2026 from 50.6 in the prior month, marking the highest reading since February and signalling a second straight month of expansion in private-sector activity. Factory output fell at a softer pace, while services activity grew at the same pace as in August. New orders stabilised after six consecutive months of contraction, with employment continuing to fall, but the pace of job cuts eased to its slowest since February. Capacity pressures remained subdued, while backlogs of work declined again. On inflation, pressures moderated, with both input costs and output charges rising at their slowest rates in three months. Manufacturers and service providers reported slower increases in costs and selling prices, suggesting easing inflationary pressures across the private sector.

Russia’s S&P Global Composite PMI rose to 50.6 in August 2026 from 49.6 in the previous month, marking the highest reading since February and signalling the first expansion in private-sector activity in six months. The upturn was driven by a renewed increase in services activity, which offset a further decline in manufacturing output. However, demand conditions remained subdued, with new orders continuing to fall, albeit at only a fractional pace. Weak demand also weighed on employment, prompting another round of job shedding across the private sector as firms reduced headcounts amid a further decline in outstanding business. On the price front, overall input-cost inflation eased in August, while output charges across both manufacturers and service providers rose at faster rates. Meanwhile, business confidence improved, with optimism about the private-sector outlook rising to its highest level since March.