Russia Manufacturing PMI Rises to 8-Month High

The S&P Global Russia Manufacturing PMI rose to 49.4 in January 2026 from 48.1 in December 2025. This marked the eighth consecutive month of contraction, but the mildest downturn in the sequence, as new orders declined only marginally amid improving demand and inflows of small orders, while foreign sales fell slightly. Meanwhile, output contracted at the slowest pace in the current 11-month sequence, reflecting a less pronounced decline in new sales. Employment fell at the fastest rate since last June, while firms continued to deplete their backlogs of work. Input buying continued to decline, although the pace of contraction slowed to a marginal rate. On prices, input cost inflation accelerated due to higher costs following the recent VAT hike. As a result, selling prices rose as firms sought to pass on higher costs to customers. Finally, business sentiment weakened to its lowest level in nearly three-and-a-half years.

The S&P Global Russia Manufacturing PMI fell slightly to 48.1 in December 2025, down from 48.3 in November. It marked the seventh consecutive month of contraction, as output contracted at the fastest pace since March 2022, alongside a continued reduction in new orders amid weak demand conditions. New export orders also continued to decline sharply, broadly in line with November’s pace. In response, manufacturers reduced employment, with job shedding remaining slight but the fastest since September, amid lower production. Input buying weakened as output expectations for the year ahead softened. On prices, input cost inflation accelerated to a nine-month high, driven by higher supplier and raw material prices. As a result, output prices also rose to the second-sharpest since May, despite easing from November, as firms sought to pass on higher costs to customers. Finally, business sentiment weakened to the lowest since May 2022, reflecting concerns over subdued demand conditions.

The S&P Global Russia Manufacturing PMI rose to 48.3 in November 2025 from October’s 48.0. It marked the sixth consecutive month of contraction, though the softest downturn since August, as new sales fell at the weakest pace in the current six-month sequence of decline amid subdued demand conditions, with foreign sales returning to contraction. Meanwhile, output shrank at the fastest pace since April 2022, driven by lower new orders and supply chain delays. Employment increased at the fastest rate since July 2024. However, despite a drop in purchasing, manufacturers recorded a renewed extension in supplier delivery times, leading to the largest deterioration in vendor performance since February. On prices, input cost inflation accelerated, while output inflation rose to an 11-month high as firms sought to pass higher costs on to customers. Lastly, business sentiment improved, supported by planned investment in new products and technology and expectations of stronger demand conditions.