FX.co ★ Russia Private Sector Growth Cools in February

Russia’s S&P Global Composite PMI slipped to 50.8 in February 2026 from 52.1 in January, indicating only a marginal expansion in private-sector activity. The overall slowdown reflected weaker growth in services output and a renewed contraction in manufacturing production. New business rose at the softest pace in three months, as services firms reported slower sales growth and manufacturing orders were broadly flat.

On the price front, both input cost and output charge inflation eased from January’s VAT-driven spike, although overall price pressures remained elevated and among the strongest in just over a year. Employment fell in both manufacturing and services, while business confidence, though still positive, dropped to its lowest level since December 2022 amid more cautious expectations among firms in both sectors.