FX.co ★ Russia Composite PMI Lowest in Over 2 Years

The S&P Global Russia Composite PMI decreased to 49.1 in March 2025 from 50.4 in the previous month, marking its lowest level since December 2022. This signifies the first downturn in private sector activity in six months, primarily influenced by a reduction in manufacturing output, while service activity largely held steady. Although the service sector continued to see growth in new business, it was overshadowed by a significant decline in new manufacturing sales. Employment in the private sector also declined, with the service industry experiencing its most significant reduction in staffing levels since January 2023, despite an increase in manufacturing employment. On the pricing front, inflationary pressures lessened, as both input costs and output charges rose at a milder pace. Importantly, overall input prices experienced their weakest rise since June 2020, reportedly due to favorable exchange rate movements mitigating the impact of price increases for imported goods.