MOSCOW, February 2. /TASS/. Russia’s Manufacturing Purchasing Managers’ Index (PMI) rose to 49.4 points in January 2026 from 48.1 points in the previous month, the S&P Global analytical agency said in a report.

The PMI value above 50 points is indicative of the business activity growth and the value below the said level flags its slowdown.

"Despite strain on balance sheets, goods producers recorded softer and only slight contractions in output and new orders. Rates of depletion in input buying and backlogs of work also eased amid some reported signs of improving demand," according to the report.

The pace of increase in operating expenses was the steepest in a year, with survey respondents widely attributing higher costs to the recent hike in VAT, S&P Global noted.