FX.co ★ Russia Services PMI Growth Slows to Five-Month Low

The S&P Global Russia Services PMI declined to 51.3 in February 2026 from 53.1 in January, indicating a continued, but more moderate, expansion in business activity and the slowest pace of growth in five months. New orders increased for the fourth month in a row, supported by steady client demand, though the rate of growth eased to its weakest level since November 2025.

Employment in the services sector fell for the second time in three months, but the decline was marginal. Many firms reported that staff reductions were largely due to voluntary departures that were not replaced.

On the price front, input costs rose sharply in February. Although cost inflation slowed from the VAT-driven peak seen in January, it remained the second-fastest pace since January 2025, reflecting higher fuel and utility expenses. Output charges also increased markedly, registering the second-steepest rise since October 2023.

Looking ahead, business confidence weakened to its lowest level since December 2022. Higher operating costs dampened growth expectations, even as firms remained generally optimistic about future demand.