Russian Manufacturing Activity Contracts for 4th Straight Month in September: S&P Global

Stagflation risks in Russia persist as growth slows and inflation remains elevated.

Russian President Vladimir Putin in the Kremlin in Moscow on Sept. 26, 2025. Ramil Sitdikov/AFP via Getty Images

Manufacturing activity in Russia contracted for the fourth consecutive month in September, according to new data from S&P Global released on Oct. 1.

The S&P Global Russia Manufacturing Purchasing Managers’ Index (PMI)—a monthly measure of the sector’s prevailing economic direction—weakened to 48.2 in September from the three-month high of 48.7 recorded in August.