Belarus: Industrial output records slowest expansion since December 2020 in June, due to a less favorable base effect
Industrial production expanded 6.9% year-on-year in June (May: +11.5% yoy). The figure marked the worst reading since December 2020, albeit due to the loss of a more favorable base effect. In fact, sequential dynamics suggest upbeat industrial activity, with a strong manufacturing sub-sector leading the print for monthly growth. In addition, all other subsectors rose in annual terms, with the mining and quarrying subsector marking the slowest pace and electricity and utilities leading the annual expansion, likely supported by the Astravets nuclear power plant, which was put into commercial operation from 10 June.
Meanwhile, the trend improved, with the annual average growth of industrial production coming in at plus 6.1% in June, up from May’s 5.6% reading.