FX.co ★ Russia Composite PMI Slips to 2-1/2-Year Low

The S&P Global Russia Composite PMI experienced a decline in June 2025, dropping to 48.5 from 51.4 in May. This figure represents the lowest point since December 2022, with both the manufacturing and services sectors witnessing reduced output levels. New orders decreased at the fastest rate observed since March, largely due to a decline in manufacturing sales and a more modest increase in new business within the service sector. Employment also fell, reaching its fastest rate of decline since December 2022. Despite the weakening demand, backlogs of work rose in June, driven by a notable increase in outstanding business within the services sector that counterbalanced a significant decline in manufacturing backlogs. On the pricing front, inflationary pressures eased across both sectors. Input costs increased at their slowest pace since November 2019, and the rise in output charges was the most subdued since July 2020.