Russia: Industrial output contracts in October
November 16, 2016
Russia’s industrial output deteriorated for a second consecutive month in October, decreasing 0.2% from the same month last year. That said, the decrease was softer than the 0.8% contraction in September and the 0.4% fall the markets had expected Russia’s industrial production trend continues building momentum: the annual average variation in output edged up from minus 0.9% in September to minus 0.7% in October.
October’s softer contraction stemmed from a weaker decrease in manufacturing output, which fell just 0.8% annually (September: -1.6% year-on-year). Mining and quarrying continued to expand, although at a softer pace. Meanwhile, electricity, gas and water supply output decelerated compared to the previous month.
In seasonally-adjusted terms, industrial production increased 0.3% over the previous month, which offset a 0.3% contraction in September.
Author: Ricardo Aceves, Senior Economist