Russia’s manufacturing sector continued to weaken in November, despite a slight uptick in the S&P Global Russia Manufacturing PMI. The index rose to 48.3 from 48.0 in October, marking the sixth straight month of declining sector conditions.
Even with the small improvement in the headline figure, output fell at the fastest pace since April 2022. Manufacturers linked the sharp contraction to lower new orders and worsening supply chain delays, according to the latest PMI data released on Monday.
New orders fell for the sixth month in a row, although the rate of decline eased compared to October. Export orders also dropped again in November as demand from existing overseas clients remained weak.
Supply chain pressures intensified. Delivery times lengthened to the worst level in nine months. Raw material shortages and logistics delays led to the steepest deterioration in vendor performance since February.
Employment increased again midway through the fourth quarter. Although the rise in staffing was modest, it was the fastest since July 2024. Firms reported filling open vacancies, which helped reduce backlogs for the tenth consecutive month.
Inflationary pressures picked up sharply in November. Input costs rose at the quickest rate since May, driven by higher prices for utilities and raw materials. In response, manufacturers raised their selling prices at a solid pace. Output charge inflation reached its fastest level since March after a mild decline in October.
Business sentiment improved slightly from October’s low. Companies cited planned investments in technology and new products, along with expectations of stronger demand. However, optimism remained the second-lowest in more than three years.
The survey data was collected from November 12 to 24, 2025, based on responses from about 250 manufacturers.
