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In December 2025, the Russian Union of Industrialists and Entrepreneurs (RSPP) recorded a marginal decline in its composite Business Environment Index, which fell by 0.5 points to 46.1 points. The survey of industrial and business leaders revealed a notable softening in core economic activity, driven primarily by a contraction in demand.
The most significant pressure came from the Product Market Index, which dropped 3.6 points to 43.8. Respondents reported a marked decrease in both sector-wide demand and demand for their own products and services. The share of companies reporting reduced demand rose by approximately 10 percentage points compared to November. Consequently, the "industry demand" indicator fell sharply to 39.1 points from 45.5, while "demand for a company's own products/services" plummeted to 40.0 points from 49.2.
Input cost pressures persisted, with the "purchase prices" indicator falling to 28.5 points (-2.1), as nearly half of surveyed firms noted an increase. In contrast, selling price momentum weakened: the "selling prices" indicator fell 2.7 points to the neutral threshold of 50 points, with 68.2% of firms reporting stable prices. The proportion of companies raising prices declined to 16.5% from 19.2% in November.
Operational indicators presented a mixed picture. The "level of competition" component rose 1.9 points to 61.2, returning to its October level. However, the B2B Index declined by 2.2 points to 46.5, and "new order volume" fell 2.5 points to 51.8, with a growing share of companies (21.2%, up from 14.9%) reporting a decrease. The indicator for "fulfillment of obligations by companies" dipped into negative territory at 47.1 points, with a 5%-point increase in firms reporting more unmet obligations.
The logistics sector showed signs of stabilization. After two months of decline, the Logistics Index rose 2.9 points to 49.0. This was supported by a significant improvement in "inventory levels," which jumped 5.6 points into positive territory at 53.2. However, "average delivery time" remained a challenge, inching up 3 points to 48.5.
A notable bright spot emerged in external relations. For the first time in four years, the indicator for "relations with foreign partners" entered positive territory at 51.5 points, with 8.2% of companies noting an improvement. The B2G (business-to-government) Index also remained positive for the second consecutive month at 53.0 points, reflecting slightly more optimistic assessments of business-state relations.
Financial market sentiment softened, with the corresponding index losing 1.1 points to settle at 45.4. The "financial position of companies" indicator declined to 41.8 points, as more firms (27.1%, up from 21.2%) reported a deterioration in their financial standing.
Social and Investment Activity, Stability Amid Challenges
On the investment front, 67.1% of companies maintained active investment programs, with two-thirds executing them without changes to schedule or budget. However, 14.5% were forced to reduce investment volumes, slightly outpacing the 12.5% that increased spending.
The labor market demonstrated resilience, with 77.6% of companies hiring new staff and only 9.4% reporting layoffs. A significant 89.4% of organizations maintained social programs for employees, the most common being subsidized resort/child recreation (71.1%), voluntary health insurance (64.5%), and extra-contractual payments to staff (59.2%). Budgets for these programs remained unchanged for 77.9% of firms.
Furthermore, 62.4% of companies participated in additional measures to ease labor market tensions, primarily through internships (49.4%) and advanced training programs (36.5%).
In summary, the December 2025 survey depicts a business environment dealing with weakening demand and financial pressures, offset by stable investment, a resilient labor market, and cautious optimism regarding logistics and certain external relations.