In March, industrial production contracted 1.1% over the same month last year. The reading contrasted the 1.6% rise recorded in February and marked, in fact, the worst reading since October 2009. The contraction was entirely driven by a 2.7% decline in manufacturing output, which nearly doubled the 1.5% drop seen in February. In contrast, production and distribution of electricity and natural gas as well as the mining sector recorded gains in annual terms. As a result of the negative monthly reading, the trend continued to point downwards, with annual average growth in industrial production falling further from 5.6% in February to 4.8% in March.
Industrial production records worst decline since 2009
April 24, 2012
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Ukraine Economic News
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