Russia Manufacturing PMI rises to 49.8 in September

According to the latest S&P Global review, the seasonally adjusted S&P Global Russia Manufacturing PMI stood at 49.8 in September 2026, up from 48.8 in August. A reading below 50 signals a contraction in sector activity, although the pace of decline slowed. New orders fell for a second consecutive month; survey participants attributed the drop in sales largely to high prices and competition. New export orders declined at the fastest pace since May 2022.

Output volumes also decreased for a second month in a row amid weak demand, but the rate of contraction eased compared with August. Employment continued to fall for a tenth consecutive month; the reduction in staffing was modest but accelerated to the fastest pace since May. Backlogs of work declined again, with the slowest rate of decrease in six months.

On the supply side, transport delays and logistics problems reportedly weighed on supplier performance in September: lead times for orders lengthened at the sharpest pace since October 2024. The deterioration in supplier quality was also more pronounced than the average of the survey series. Russian manufacturers reduced purchasing activity, and inventories of inputs and finished goods declined as some companies sought to cut stock levels. The decline in input buying was modest overall but accelerated to the fastest pace since April. Price pressures eased: input cost inflation slowed to a three-month low, while output charge inflation was the weakest since June. Expectations for output over the next 12 months remained positive and became more optimistic in September.