Business Climate Index rises to minus 2.3 points in September
Russia's Business Climate Index stood at minus 2.3 points in September, up slightly from minus 2.4 points in August. Bank of Russia survey data showed corporate output and demand expectations rising for the second consecutive month.
Output expectations advance for second month
The Bank of Russia recorded a slight improvement in the headline Business Climate Index, which rose by 0.1 points to minus 2.3 points in September after recording minus 2.4 points in August.
Corporate sentiment across surveyed enterprises showed diverging trends across activity indicators.
While current conditions remained broadly unchanged, forward-looking indicators showed renewed momentum.
Companies reported higher expectations for both production output and incoming demand over the next three-month horizon.
This marked the second consecutive monthly increase in forward activity expectations, highlighting continued business anticipation of sustained operational volume.
Rising prices meet tighter credit
Price dynamics and financial conditions presented contrasting pressures for Russian enterprises in September.
Corporate price expectations increased across participating sectors, pointing to persistent upward pricing intentions.
Simultaneously, enterprises reported a deterioration in credit accessibility, with overall lending condition estimates declining relative to August.
Survey responses indicated that this worsening in credit availability was driven by tighter non-price terms.
Resilient plans amid borrowing squeeze
The survey highlights an economy where production plans hold firm despite tightening financial conditions.
Rising price expectations alongside restrictive non-price bank terms show that corporate cost pressures remain acute.
Without credit relief, overall business sentiment cannot escape negative territory.