FX.co ★ Russia Manufacturing Contracts for 4th Month

The S&P Global Russia Manufacturing PMI decreased to 48.2 in September 2025, down from a three-month peak of 48.7 in August, indicating a continued contraction for the fourth consecutive month. Notably, production output saw its steepest decline in over three years, accompanied by a sharper decrease in new orders. The downturn in foreign demand was pronounced, with the most significant drop since November 2022, reflecting weak export market conditions. Employment levels fell following a brief uptick, experiencing the fastest decline in three months, while the reduction in backlogs was at its slowest pace in eight months. Although purchasing activities continued to decrease, the rate of decline was more moderate. Supplier performance worsened, reaching its lowest point in six months due to logistics issues and material shortages. Concerning inflation, operating costs increased at their fastest rate in four months, albeit still below the long-term average, with firms only slightly raising output prices. Despite these challenges, business sentiment showed improvement, supported by plans for product development, new tender opportunities, and optimistic expectations for future demand growth.