Russia Composite PMI Slips to 2-1/2-Year Low

The S&P Global Russia Composite PMI slumped to 48.5 in June 2025 from 51.4 in the previous month. It marked the lowest reading since December 2022, with both manufacturers and service providers logging lower output levels. New orders declined at the steepest pace since March, driven by a drop in manufacturing sales and a softer rise in services new business. Meanwhile, employment fell at the fastest rate since December 2022. Despite weaker demand, backlogs of work increased in June, as a quicker rise in outstanding business in the services sector outweighed a solid decline in manufacturing work-in-hand. On the price front, inflationary pressures eased across both sectors. Input costs rose at the slowest pace since November 2019, while output charges saw the weakest increase since July 2020.