The S&P Global Russia Manufacturing PMI fell to 48.2 in September 2025 from August’s 3-month high of 48.7, signaling a fourth straight month of contraction. Output declined at the sharpest rate in over three years, while new orders shrank more steeply. Foreign demand also slumped, posting the largest drop since November 2022 amid weak export markets. Employment fell after a brief rise, with the pace of decline the fastest in three months, while backlogs continued to ease at the slowest rate in eight months. Purchasing activity shrank again, though more moderately, while supplier performance deteriorated the most in six months due to logistics bottlenecks and shortages. On inflation, operating costs rose at the fastest pace in four months but remained below the long-run average, and firms raised output prices only fractionally. Finally, sentiment improved, underpinned by product development plans, tender opportunities, and expectations of stronger demand.