FX.co ★ Russia Composite PMI Rises from 2-Year Low

The S&P Global Russia Composite PMI increased to 49.8 in April 2025, an improvement from the two-year low of 49.1 observed in March. However, this figure still points to a continued contraction in private sector activity for the second month in a row. This downturn is mainly attributed to diminishing manufacturing output alongside a stagnation in the services sector's activity. Slight declines in new orders were noted, indicative of consistently weak demand in both sectors. Employment saw a modest rise, buoyed by new hiring in the services sector, which was somewhat counterbalanced by ongoing job reductions in manufacturing. On the cost front, operating expenses continued to grow, though the rate of increase remained historically low. In contrast, services selling prices experienced a minor acceleration, yet overall output charge increments were at their slowest pace since August 2020, as manufacturing price inflation continued to decelerate.