FX.co ★ Russia Composite PMI Inches Higher

Russia’s S&P Global Composite PMI inched up to 49.2 in May 2026 from 49.1 in April, its highest level since February. Despite this marginal improvement, the reading still signaled contraction and marked the third consecutive monthly decline in private-sector activity. New orders fell sharply across both manufacturing and services, as clients’ financial difficulties continued to dampen demand.

Companies cut staffing further, while backlogs of work declined at the steepest rate in four years, indicating reduced pressure on capacity. Price dynamics were mixed: service providers saw a further easing of cost pressures from the elevated levels earlier in the year, but manufacturing input costs accelerated again, pushing overall input price inflation higher. In response, firms raised output charges at a faster pace. Business confidence also weakened.