Russia Services PMI Hits 11-Month High

The S&P Global Russia Services PMI climbed to 53.1 in January 2026 from 52.3 in December, signaling a fourth consecutive month of expansion. The reading also marked the fastest expansion in the services sector since January 2025, as growth in output and new orders gained momentum. Stronger demand conditions also supported a fresh rise in employment. On the price front, both input and output costs rose, partly driven by higher value-added tax. However, input cost inflation eased to its lowest level since May 2009, reflecting reduced wage bills following lower employment and a moderation in some material prices. Meanwhile, output charges rose solidly as firms continued to pass higher costs on to customers. That said, output inflation eased to a seven-month low and remained below its long-term average. Looking ahead, business sentiment ticked down to its second-weakest level since January 2023.

The S&P Global Russia Services PMI inched higher to 52.3 in December 2025 from 52.2 in November, signaling a third consecutive month of expansion. The reading also marked the strongest performance since January, as output and new orders rose at faster rates, with output growing at its fastest pace in seven months amid stronger demand conditions. Despite a quicker rise in new sales, service providers cut staffing levels, with the pace of job shedding the sharpest in almost three years. On the price front, input cost inflation eased to its lowest level since May 2009, driven by reduced wage bills following lower employment and moderations in some material prices. Meanwhile, output charges rose solidly as firms continued to pass higher costs on to customers. However, output inflation eased to a six-month low and remained below the series trend. Looking ahead, business sentiment deteriorated to its second-weakest level since January 2023.

The S&P Global Russia Services PMI climbed to 52.2 in November 2025 from 51.7 in October, signaling a second consecutive month of expansion. It also marked the strongest performance since May as output continued to grow and new orders posted a renewed rise amid stronger demand conditions. In response to the increase in new orders, firms raised their employment, though job creation eased to a four-month low and was only marginal. On the price front, input costs rose amid higher wage bills and increased supplier expenses, although the rate of increase remained below the long-run series average. Meanwhile, selling prices also rose at a softer pace and remained below the series average. Even so, output prices increased as firms passed on higher costs to clients. Lastly, business sentiment improved from October’s 34-month low, supported by plans to launch new products and invest in new customers. However, sentiment remained historically muted.