FX.co ★ Russia Manufacturing Returns to Growth

The S&P Global Russia Manufacturing PMI experienced an uptick in May 2025, reaching 50.2, an increase from April's 49.3. This latest figure signifies a modest resurgence in manufacturing activity, largely driven by a new rise in domestic orders. Despite the improvement, the growth remains negligible and still falls short of the series' historical average. While new orders have experienced minor growth, it was at the highest rate seen since the start of the year. Conversely, international sales continued to fall for the third consecutive month, albeit at a slightly reduced rate. Production outputs saw a slight contraction, representing the least severe reduction in the last three months of decline. Employment figures edged higher, while the backlog of work decreased for the fourth month running, though this decline was the slowest in the current sequence. Supplier performance remained mostly stable throughout the month. Regarding pricing, input cost inflation showed improvement, marking the second-slowest increase since August 2022, and output price inflation also eased, hitting its lowest point in two years. Lastly, business sentiment weakened, reaching a three-month low.