The Central Bank of Russia published its latest Monitoring of Businesses update, reporting that the Bank of Russia’s Business Climate Index fell to 1.7 points in January 2026 from 2.6 points in the previous month, while overall economic activity continued to grow at a moderate pace. The decline was attributed to companies’ more subdued expectations for the next three months compared with December 2025. At the same time, firms’ assessments of current output and demand exceeded December levels, and business price expectations rose for the fourth consecutive month and remained elevated. Companies also estimated that investment activity growth in the fourth quarter of 2025 was the strongest of the year, with capacity utilisation in that quarter significantly above 2017–2019 levels.
Central Bank of Russia 2026-01-26
Central Bank of Russia reports a January drop in its Business Climate Index as firms’ expectations soften
The Central Bank of Russia's latest Monitoring of Businesses update shows a decline in the Business Climate Index to 1.7 points in January 2026 from 2.6 points in December 2025, despite moderate economic growth and strong investment activity in Q4 2025. The decline is due to subdued company expectations for the next three months, although current output and demand assessments improved, and business price expectations rose for the fourth month.