Financial News: Russia Service Sector Contracts In March

Russia Service Sector Contracts In March

04/03/2026 - 03:22:00 (RTTNews)

(RTTNews) - Russia's service sector activity logged a renewed decline in March amid weaker demand conditions, survey results from S&P Global showed on Friday.

The services purchasing managers' index, or PMI, dropped to 49.5 in March from 51.3 in February. Any score below 50 suggests contraction in the sector, while a reading above 50 suggests expansion. Moreover, this was the first decrease in six months.

New orders fell for the second straight month in March amid concerns regarding a fall in client purchasing power and greater uncertainty along with the impact of war in the Middle East.

On the price front, input price inflation eased for the second straight month but remained among the quickest since the start of 2025 due to higher raw material and supplier prices. Selling price inflation also moderated to the slowest in three months.

In line with greater costs considerations and muted demand conditions, companies reduced their workforce numbers at the quickest pace since early 2023.

Looking ahead, service providers remained confident about output expectations over the next twelve months amid reports of new work commencing and hope of expansions in customer numbers.

The composite output index dropped to 48.8 in March from 50.8 in February, signaling a fresh contraction in the Russian private sector business activity.

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