FX.co ★ Russia Manufacturing Shrinks the Least in 3 Months

The S&P Global Russia Manufacturing PMI increased slightly to 48.3 in November 2025, up from October's 48.0. This still indicates the sixth consecutive month of contraction, but it represents the mildest decline since August. The decrease in new sales occurred at the slowest rate in the current six-month trend of diminishing demand, with international sales also falling back into contraction. Concurrently, production witnessed its steepest decline since April 2022, primarily due to reduced new orders and ongoing supply chain disruptions. On the employment front, there was a marked rise, the fastest since July 2024. Despite a downturn in purchasing activity, manufacturers experienced a significant slowdown in supplier delivery times, marking the largest decline in vendor performance since February. Concerning pricing, input cost inflation climbed, and output inflation reached an 11-month peak as companies worked to offset higher costs by passing them on to consumers. Finally, there was a notable improvement in business sentiment, buoyed by plans for investment in new products and technology, alongside expectations for stronger demand conditions.