FX.co ★ Russia Manufacturing Shrinks the Most in Over 3 Years

The S&P Global Russia Manufacturing PMI fell to 47.0 in July 2025, down from 47.5 in June, marking the second month in a row of contraction within the sector. This represents the steepest decline since March 2022 and is primarily due to a continued reduction in new orders, which have now decreased for four consecutive months at the quickest rate since March 2022. Additionally, production declined at its most significant rate in three years. Consequently, both employment levels and input purchasing saw declines, although at slightly more moderate rates. Supplier delivery times remained relatively stable, though increased competition for inputs led to a reduction in lead times for some. In terms of pricing, input cost inflation lessened, with output price inflation slowing to its lowest level since November 2022, all amidst rising competitive pressures. Lastly, business confidence dropped to its weakest in almost three years.