FX.co ★ Russia Services PMI Stays at 9-Month Low

The S&P Global Russia Services PMI remained at 50.1 in April 2025, consistent with the previous month. Despite holding steady, this figure still signifies the slowest growth rate in the services sector since last June, when the index indicated a decline. New business growth nearly came to a halt due to muted demand, largely influenced by decreased purchasing power. Employment showed signs of recovery, resuming growth after a brief dip in March, although the rate of job creation was minimal. Concurrently, work backlogs have been on the rise for six consecutive months. On the pricing front, input cost inflation increased, spurred by higher expenses for raw materials and repairs, as well as mounting wage bills. However, output price inflation changed little, remaining the second-lowest rate seen over the past year, even as companies attempted to transfer increased costs to their customers. Lastly, business sentiment reached a 15-month peak, fueled by optimism about stronger demand, investment in new service offerings, and efforts to cultivate new clientele.