Russia’s S&P Global Composite PMI came in at 50.0 in December 2025, little changed from 50.1 in the previous month, pointing to broad stagnation in private-sector activity. A deeper contraction in manufacturing output was largely offset by a faster expansion in services activity, leaving overall growth flat. New orders rose modestly, increasing for the first time since May, supported mainly by improving demand conditions in the services sector. Despite this, firms across both manufacturing and services continued to reduce headcounts, reflecting ongoing caution toward the outlook. Still, capacity pressures persisted, as evidenced by a faster accumulation of backlogs of work. On the cost front, input price pressures intensified in manufacturing, while a much softer increase in services costs helped restrain overall inflation. Meanwhile, firms reported a slower pace of price increases, with output charges easing across both goods producers and service providers.

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