Business climate index turns positive at 1.2 points in October
Russia's Business Climate Index rose to 1.2 points in October from −2.4 points in September, the Bank of Russia reported on October 14, 2026. Companies reported better output and demand assessments and expectations.
Output and demand improve together
The Bank of Russia's October business monitoring recorded improvements in both current conditions and the outlook.
Its Business Climate Index rose from −2.4 points in September to 1.2 points in October.
Companies gave better assessments of current output and demand, while their expectations for both indicators over the next three months also improved.
Businesses' short-term price expectations declined during October.
Companies nevertheless reported a slight tightening in non-price lending conditions.
The release therefore recorded improved business activity alongside lower price expectations and tighter non-price borrowing conditions.
Investment expectations reach quarterly high
Companies assessed investment activity in Q3 2026 as unchanged from Q2 2026.
The balance of investment expectations for Q4 2026 reached a three-quarter high, which the Bank of Russia linked to prospective growth in investment activity.
Capacity utilisation declined compared with Q2 2026 but remained above its 2017–2019 level.
Staffing levels improved.
The release directs readers to the October issue of Monitoring of Businesses for further information.
Expectations outrun recorded investment
The improvement spans current activity and expectations, rather than expectations alone.
Investment growth remains an outlook statement: reported Q3 activity was unchanged from Q2. Lower capacity utilisation and tighter lending conditions qualify the stronger business climate reading.