FX.co ★ Russia Private Sector Return to Growth

In October 2025, the S&P Global Russia Composite PMI rose to 50.2, up from 46.6 in September, indicating a resurgence in private sector activity for the first time since May. This positive shift was primarily driven by a recovery in the services sector, despite ongoing contraction in manufacturing. New order levels remained tepid due to pervasive demand weakness. The decline in manufacturing orders was more pronounced, while the services sector experienced a more modest downturn, resulting in a slower overall decline. Employment saw slight growth, buoyed by substantial job creation within the services industry, which compensated for reductions in manufacturing jobs. Meanwhile, businesses encountered a slight but noticeable increase in backlogged work. Regarding prices, input costs rose robustly, yet the rate of inflation decreased compared to September as cost pressures within manufacturing began to ease. Conversely, output charges increased at their most rapid rate since May, notwithstanding a continued decline in manufacturing selling prices.