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The Russian Union of Industrialists and Entrepreneurs (RSPP) released its latest business environment survey for April 2026, reporting a 2.4-point increase in the Composite Business Climate Index to 46.2. Most component indices recorded gains, with the Logistics and B2G indices moving into positive territory. The product markets index was the sole exception, declining modestly.
Divergent Pricing Trends
Procurement price dynamics intensified significantly, with the corresponding index rising 7.3 points to 32.6, its highest level in six years. Conversely, the sales price index declined by 7 points to 48.3. The proportion of respondents reporting higher purchase prices fell from 54.2 percent to 44 percent, accompanied by a shift toward "prices unchanged." Concurrently, the share of companies that raised their own selling prices contracted from 23.4 percent to 13.5 percent.
Demand Conditions Remain Weak
Industry-wide demand continued to contract, with 29.2 percent of companies reporting a decline. Only 14.6 percent registered growth, while 56.2 percent observed no change. The demand index for the industry fell 0.5 points to 41. Own-product demand improved marginally by 0.7 points to 43, though a majority of respondents again reported stable conditions.
New Orders Return to Growth
The new orders index rebounded into positive territory at 54.5 points. The share of companies reporting a reduction in new orders nearly halved, declining from 22.3 percent to 12.4 percent. Order fulfillment timelines remained largely unchanged for 86.5 percent of respondents, with the corresponding index edging up 0.5 points to 47.8.
Competitive Pressure Moderates
The competition index fell by 4.8 points to 60.1, driven by a greater number of respondents indicating no change in competitive intensity.
The indicator for companies' own fulfilment of contractual obligations rose 1.6 points to 45.5, supported by a 3-percentage-point reduction in negative assessments. Counterparty performance also improved, with the share of firms noting an increase in unmet obligations falling by approximately 3 percentage points. The corresponding index advanced 2.3 points to 38.2.
Logistics Sector Turns Positive
The logistics index rose to 50.7, entering positive assessment territory. Nearly 90 percent of companies gave a neutral evaluation of overall logistics conditions, while negative assessments declined from 11.7 percent to 7.9 percent. Delivery times stabilized: the share of companies reporting longer delivery windows fell from 8.5 percent to 5.6 percent, lifting the relevant indicator 1.8 points to 48.9. The warehouse inventory index remained firmly positive, increasing 2.4 points to 55.6.
B2G and External Relations Improve
The B2G index rose to 50.5, up from 48.9 in March. Relations with government bodies held steady at 50.6 points. The indicator for relations with banks and financial institutions returned to positive territory at 50.8 points, with 5.6 percent of respondents reporting improvement against 3.4 percent citing deterioration. The index for relations with foreign partners reached the neutral 50-point threshold, as 97.7 percent of respondents reported no change.
Financial Indicators Strengthen
The financial markets index gained 4 points to 46.8. The share of companies reporting a deterioration in financial position fell from 31.9 percent to 21.3 percent, raising the corresponding indicator 3.7 points to 43.3. The currency market index reached a one-year high of 48.9 points, a gain of 4 points, as negative assessments dropped from 10.6 percent to 4.5 percent. The stock market index advanced 4.4 points to 48.3. Personal assessments of the business climate rebounded 5.7 points to 37.9, following a sharp decline in the prior period.
Investment Activity: Stabilization with Continued Caution
Two-thirds of surveyed enterprises reported active investment programmes. Among these, 70 percent adhered to original budgets and schedules, recovering from a decline to 53.2 percent in March. However, 22.2 percent reported delays, and an equal proportion were forced to reduce investment budgets. Only 1.6 percent achieved accelerated timelines, and 4.8 percent increased investment spending.
Labor Market and Social Programmes Remain Resilient
Hiring activity was reported by 78.7 percent of companies, while 9 percent implemented staff reductions. Cost-cutting measures involving reduced working hours were adopted by 13.5 percent of firms.
Social programmes for employees remained widespread, present at 83.1 percent of companies. The most frequently cited benefits included health and children's holiday vouchers (82.4 percent), voluntary medical insurance (68.9 percent), supplementary payments beyond statutory requirements (68.9 percent), transport provisions (60.8 percent), meal subsidies (54.1 percent), housing programmes including mortgages (43.2 percent), and supplementary pension insurance (20.3 percent). Budgets for social programmes remained unchanged at 75 percent of companies, increased at one-fifth, and decreased at 5.6 percent.
Seventy-five percent of surveyed enterprises implemented additional measures to reduce labour market tensions. Forty-seven percent supported internships, and an equal proportion invested in advanced training. Temporary employment programmes were organized by 20 percent of companies.
The April 2026 survey indicates a modest improvement in Russian business conditions, driven by a rebound in new orders, a return to positive territory for the logistics and B2G indices, and stabilization in financial and external indicators. However, persistently weak demand, continued cost pressures, and a cautious stance on investment underscore that the recovery remains incomplete.