Industrial production growth decelerates in September

Latest reading: Industrial production was up 0.3% in annual terms in September, following a 0.5% increase in the prior month. Relative to the prior month's figures, the reading for manufacturing softened in September (+0.4% in annual terms vs +2.4% in August). In contrast, readings picked up for mining and quarrying (+0.2% vs -2.5% in August), electricity, gas, steam and air conditioning supply (+1.2% vs -0.2% in August) and water supply, sewerage, waste management and remediation activities (-0.9% vs -5.6% in August). In seasonally adjusted month-on-month terms, industrial production was down 1.0% in September, following 0.6% growth in the previous month.

Outlook: As of end-September, Russia’s Ministry of Economic Development forecasts industrial production to grow by 1.5% in 2025, down from the previously projected 2.6%. Meanwhile, most of our panelists are even more conservative, and see growth between 0.3% and 1.5%.

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Russian industry projections for the next ten years from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable industry forecast available for Russian industry.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Russian industry projections.

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