FX.co ★ Russia Manufacturing Shrinks the Most in 3 Months

The S&P Global Russia Manufacturing PMI saw a slight decline to 48.0 in October 2025, compared to 48.2 in September, indicating a fifth straight month of contraction. This marks the most significant decline since July, largely attributed to a quicker decrease in new sales. Despite persistent subdued demand, the pace of output decline slowed from the previous month. Encouragingly, foreign sales rebounded, benefiting from more favorable conditions in established markets. Employment experienced a marginal decrease, while purchasing activity increased at the fastest rate in three months. Supplier delivery times improved notably, reaching their best level since November 2019. Regarding prices, input cost inflation dropped to its lowest in over sixteen and a half years, and output prices experienced a slight reduction as companies aimed to boost sales and remain competitively priced for existing customers. Lastly, business sentiment weakened to its lowest point since May 2022, reflecting worries about financial issues among clients.