The S&P Global Russia Manufacturing PMI fell slightly to 48.1 in December 2025, down from 48.3 in November. It marked the seventh consecutive month of contraction, as output contracted at the fastest pace since March 2022, alongside a continued reduction in new orders amid weak demand conditions. New export orders also continued to decline sharply, broadly in line with November’s pace. In response, manufacturers reduced employment, with job shedding remaining slight but the fastest since September, amid lower production. Input buying weakened as output expectations for the year ahead softened. On prices, input cost inflation accelerated to a nine-month high, driven by higher supplier and raw material prices. As a result, output prices also rose to the second-sharpest since May, despite easing from November, as firms sought to pass on higher costs to customers. Finally, business sentiment weakened to the lowest since May 2022, reflecting concerns over subdued demand conditions.
