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Russia’s S&P Global Composite PMI fell to 48.8 in March 2026 from 50.8 in February, signaling the first contraction in private sector activity since September 2025. The downturn was driven by a renewed decline in new orders, as weaker manufacturing sales more than offset broadly stable new business inflows in the services sector. Output contracted in both manufacturing and services. Firms also cut staff, with job losses reported across both sectors, despite an increase in backlogs of work.
On the price front, both input costs and output charges continued to rise sharply in March, though at a much slower pace than earlier in the year following the VAT rate adjustment. Looking ahead, businesses were more upbeat about output growth over the next 12 months than they were in February, but overall confidence remained below the long-run series average.
