FX.co ★ Russia Private Sector Stagnates in December

Russia's S&P Global Composite PMI registered at 50.0 in December 2025, remaining nearly unchanged from November's 50.1, indicating stagnation in private sector activity. The decline in manufacturing output was primarily counterbalanced by a quicker growth in the services sector, resulting in stagnant overall growth. For the first time since May, new orders experienced a modest rise, mainly driven by improving demand in services. Nevertheless, businesses in both the manufacturing and services sectors continued to reduce staff, reflecting their cautious outlook. Despite this, capacity pressures were evident, highlighted by a faster buildup in work backlogs. In terms of costs, manufacturing saw intensified input price pressures, while the services sector experienced a much softer increase in costs, which helped to control overall inflation. Firms also noted a slower rate of price hikes, with reductions in output charges seen in both the production of goods and provision of services.