Declining PMI indices align with cooling economic activity in Russia - Central Bank deputy governor

ST. PETERSBURG. July 3 (Interfax) - The decrease in PMI indices for manufacturing and services aligns with observations of cooling economic activity, Central Bank of Russia Deputy Governor Alexei Zabotkin told reporters.

"This generally corresponds with the view that economic activity is cooling. But if we examine these values in historical context, similar levels have been observed during periods of moderate positive economic growth. In particular, comparable values were seen in late 2019 when the economy was continuing to expand," Zabotkin said on the sidelines of the Central Bank's Financial Congress in St. Petersburg.

While the Central Bank considers all business surveys important, enterprise monitoring carries the most weight for policy decisions, he said. Data from this monitoring will be available in the second half of July, he said.

The CBR's next meeting on the key rate is scheduled for July 25.

It was previously reported that Russia's services PMI fell to 49.2 points in June 2025 from 52.2 points in May, according to S&P Global research. The manufacturing PMI declined to 47.5 points in June from 50.2 points in May.