Russia Manufacturing Growth Hits 18-Month High

Russia’s S&P Global Manufacturing PMI rose to 50.7 in July from 50.3 in June, signaling the strongest improvement in factory activity since January 2025. Output expanded at the quickest pace since January 2025, while new orders grew at the fastest rate since May 2025, supported by stronger domestic demand. Meanwhile, new export orders fell at the sharpest pace since October 2022. Employment declined further as firms continued not to replace voluntary leavers, though the pace of job shedding eased to a four-month low. Input cost and selling price inflation accelerated, as fuel shortages, transportation issues, and higher supplier costs pushed input cost inflation to its fastest pace since January 2026. Supplier delivery times lengthened to the greatest extent since February 2025 amid logistics disruptions, while firms increased purchasing activity to replenish stocks. Business confidence fell to its lowest level since May 2020 amid customer uncertainty and intensifying competition.




