04.02.202606:08:06UTC+00Russia Composite PMI Highest in A Year

Russia's S&P Global Composite PMI climbed to 52.1 in January 2026, up from 50.0 in December, reaching its highest point since January 2025 and indicating a revitalized expansion in private sector activity. The decline in manufacturing output moderated, while the services sector experienced further acceleration. New orders surged at the quickest pace in a year, as a more gradual decline in manufacturing demand occurred alongside stronger growth in new business within the services sector. Employment levels remained broadly stable overall. On the pricing front, a recent hike in the VAT rate increased cost pressures for both manufacturers and service providers, resulting in a sharper rise in input costs and output charges compared to December. Price pressures continued to be historically elevated across both sectors. Looking forward, business confidence improved in both manufacturing and services sectors, buoyed by expectations of stronger demand and better operating conditions.