Russia Industry May 2016


Industrial production continues its modest expansion in May

Data from the Federal Statistics Service (Rosstat) showed that industrial production expanded 0.7% annually in May, which was up from the 0.5% increase seen in April and below the 1.0% increase market analysts had expected.

The increase in May reflected a turnaround in the electricity, gas and water sector, which grew 2.1%, contrasting a 4.0% contraction in April. Mining and quarrying grew 1.5% (April: +1.7% year-on-year), marking the sixth consecutive month of expansion. Manufacturing grew 0.3% in May after the 0.6% expansion recorded in April.

Sequential data adjusted for seasonal factors showed that industrial production contracted 0.3% in May, which came in below April’s flat reading.

As a result of April’s increase, the trend continues to point to a slow recovery in the sector. The annual average variation in industrial production rose from minus 3.0% in April to minus 2.5% in May.

Industrial production in 2015 suffered the worst contraction in six years and this year our panel of analysts expect output to recover and expand 0.4% in 2016. The projection is up 0.2 percentage points from last month’s forecast. FocusEconomics panelists expect industrial production to increase 1.5% in 2017.

Author:, Economist

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Russia Industry Chart

Russia Industry May 2016

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

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