The Central Bank of Russia’s July Monitoring of Businesses showed the Business Climate Index fell to minus 3.6 points in July from 0.9 points in June. The decline reflected weaker company assessments of current conditions, although businesses’ three-month-ahead expectations for demand and output remained positive. The survey also indicated that investment activity grew at a moderate pace in the second quarter of 2026 after a downturn in the previous quarter. Capacity utilisation in the quarter stayed above 2017 to 2019 levels, which the central bank identified as a period of low inflation. Businesses’ price expectations increased in July after five months of decline, while assessments of lending conditions improved from June.
Central Bank of Russia2026-07-15
Central Bank of Russia reports Business Climate Index fell to minus 3.6 points in July as companies raised price expectations
The Central Bank of Russia’s July business survey showed the Business Climate Index dropped to minus 3.6 points from 0.9 in June, driven by weaker assessments of current conditions. Demand and output expectations for the next three months stayed positive. Price expectations rose after five months of decline, and companies reported better lending conditions and moderate investment growth in the second quarter of 2026.