FX.co ★ Russia Manufacturing Nears Stabilization

The S&P Global Russia Manufacturing PMI edged up to 49.5 in February 2026 from 49.4 in January, indicating only a marginal deterioration in operating conditions and marking the mildest downturn in the current nine‑month run of contraction. Output declined at its slowest rate in a year, supported by broadly stable inflows of new orders. However, new export orders fell at a faster pace, pointing to subdued external demand.

Employment posted its sharpest decline since June 2025, while outstanding business fell modestly for the 13th consecutive month. Purchasing activity and input inventories both contracted at the quickest rate in four months, as manufacturers increasingly drew down existing stocks to fulfill orders.

Both input cost inflation and output charge inflation eased markedly from January’s VAT‑driven peaks and remained below their long‑run averages. Business sentiment weakened to one of its lowest points in more than three and a half years, although some firms continued to express optimism, citing ongoing technology investments and expectations of stronger future demand.