Belarus: Industrial production slumps at sharpest rate in over four years in January
February 18, 2020
Industrial production fell 5.8% on an annual basis in January, swinging from the previous month’s 4.3% expansion and marking the sharpest contraction since November 2015 amid a broad-based downturn.
January’s contraction was chiefly driven by a downturn in the all-important manufacturing sector, where activity slipped into contractionary territory following a healthy increase in output at the end of last year. In a similar manner, mining and quarrying activity shrank in January, following a rebound in December, while the utilities supply sector continued contracting markedly at the outset of 2020. Lastly, the water supply sector expanded in January, albeit only moderately.
Meanwhile, annual average growth in industrial production slumped to an over three-year low of 0.4% in January, from 1.0% in December.
Author: Almanas Stanapedis, Economist