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In September 2025, the Russian Union of Industrialists and Entrepreneurs (RSPP) released findings from its latest survey of industrialists and entrepreneurs, offering insights into the state of Russia's business landscape. The Composite Business Environment Index held steady at 46.6 points, a marginal increase from 46.5 points in August, signaling a stable yet cautious economic climate.
The Market of Manufactured Products Index saw a modest rise of 1.9 points to 45.7, driven by positive demand trends. Industry-wide demand improved notably, climbing 4.8 points to 46.2, with 21.4% of respondents reporting growth compared to just 14.8% in August. However, demand for individual company products grew more slowly, up 1.8 points to 44.2, with only 18.8% of businesses noting an increase. Procurement prices edged up slightly to 24.8 points, while sales prices dipped by 1.4 points, reflecting fewer companies raising prices. Competition intensified, with the level of competition indicator rising 4.4 points to 63.3, as a quarter of respondents observed heightened competitor activity.
The B2B Index slipped slightly to 46.4 points from 46.9 in August. New orders weakened, falling to 45.5 points, with 23.2% of companies reporting a decline compared to 17.7% the previous month. On a positive note, production timelines improved, reaching a neutral 50 points, up 2.8 points. The fulfillment of obligations to counterparties remained solid at 51.6 points, though a persistent 13.2-point gap highlighted challenges in counterparty reliability, with nearly 30% of firms noting increased unfulfilled obligations.
Logistics showed resilience, with the Logistics Index holding in positive territory at 50.7 points for the fifth consecutive month. Warehouse stock levels stood at 57.4 points, with one-fifth of companies reporting increases. Delivery times improved marginally to 47.1 points, with 5% of firms reducing delivery times compared to 2.8% in August. Overall, the logistics sector's outlook brightened, with its assessment rising by 1.9 points.
The B2G Index, reflecting business-government relations, remained stable at 51.6 points. Approximately 85% of respondents reported no significant changes in ties with financial institutions or government bodies, though nearly 10% noted slight improvements. Relations with foreign partners saw a more positive shift, with the indicator rising from 47.9 to 49.1 points.
The Financial Markets Index stayed nearly flat at 44.5 points. However, the financial position of companies deteriorated slightly to 41.7 points, with 26.8% of firms reporting a worsening situation, up from 20% in August. Stock and currency market indicators showed minimal change, rising to 46 and 45.8 points, respectively, with over 85% of respondents viewing these markets as stable.
Personal assessments of the business climate took a hit, dropping 2.6 points to 40.5, with 30.4% of respondents noting a decline, a 6% increase in negative sentiment. Investment activity remained consistent, with 63.4% of companies engaged in projects, two-thirds of which proceeded on schedule and within budget. However, a quarter of firms lagged behind, and one-fifth reduced investment budgets, though 13.9% increased spending.
Hiring trends softened, with 75% of companies recruiting, down from 80% in August and 85% earlier in the year. Layoffs rose, affecting 10% of firms, up 7% from prior months. Cost-cutting measures, such as reduced working hours, were implemented by 10.8% of organizations. Social programs remained robust, with 80.4% of companies supporting employees through benefits like spa vouchers (69.2%), additional payments (67%), and voluntary health insurance (62.6%). Nearly half of the firms also supported broader community initiatives.
The September 2025 survey paints a picture of a business environment marked by cautious optimism, with gains in logistics and competition offset by softening demand, financial pressures, and declining confidence.
As companies navigate these dynamics, the focus on investment and social programs underscores a commitment to resilience amid uncertainty.