FX.co ★ Russia Manufacturing PMI Rises from Near 3-Year Low

In April 2025, the S&P Global Russia Manufacturing PMI experienced a rise to 49.3, an improvement from the near three-year low of 48.2 observed in March. This latest figure indicates a second monthly decline in manufacturing activity, although both production and new orders fell at a more moderate pace. Weakness continued in international sales due to persistently low external demand. Employment decreased once more, yet purchasing activity returned to growth as companies aimed to build safety stocks, a move supported by a general stabilization in supplier delivery times. On the cost side, input price inflation decelerated for the fifth consecutive month, aided by favorable currency exchange movements against the dollar that helped reduce the costs of imported inputs. The pace of input inflation was the slowest seen since February 2020, significantly below the historical average. Meanwhile, inflation in output prices was negligible, reaching its lowest point since January 2023. Although there was a slight decline in sentiment from March, business confidence remained positive, driven by the anticipation of stronger demand and intentions to expand product lines.