FX.co ★ Russia Composite PMI Drops to Near 3-Year Low

In July 2025, the S&P Global Russia Composite PMI decreased to 47.8 from 48.5 in June, reaching its lowest level since October 2022 and marking the third decline this year. This downturn was attributed to more pronounced contractions in both manufacturing and services sectors. New orders decreased at their fastest rate in two and a half years, with significant declines in demand observed in both sectors. However, there was a positive development as overall employment increased, driven by renewed hiring in the services sector, while job losses in manufacturing slowed. In terms of pricing, inflation for input costs and output charges remained historically low, indicating relatively weak cost pressures. Looking forward, business confidence improved slightly and remained robust by historical measures.