Russia Industrial production August 2022

Russia

Russia: Decline in industrial activity softens in August

July 29, 2022

Industrial output dropped 0.1% compared to the same month of the previous year in August, which was a less pronounced drop than July's 0.5% decrease. August's result marked the best result since March. The reading reflected a broad-based improvement, with activity in the manufacturing, mining and quarrying and electricity, gas, steam and air conditioning supply sub-sectors all improving in August.

On a monthly basis, industrial output decreased 0.8% in seasonally-adjusted terms in August, contrasting July’s 1.2% expansion. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at an over one-year low of 3.3%, down from July's 3.8%.

FocusEconomics panelists project industrial output to slump 5.3% in 2022, which is up 1.5 percentage points from last month’s forecast. For 2023, the panel expects industrial production to fall 2.5%.


Author:, Research Team Manager

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Russia Industry August 2022

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Federal State Statistics Service (Rosstat) and FocusEconomics calculations


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