Russia Industrial production July 2022


Russia: Contraction in industrial output moderates in July

July 29, 2022

Industrial output dropped 0.5% year on year in July (June: -2.4% yoy). The figure was chiefly driven by a softer fall in manufacturing production. In contrast, mining and quarrying output rose at a more moderate rate. Notably, the overall decline was markedly smaller than expected by most market analysts.

On a monthly basis, factory output increased 1.2% in seasonally-adjusted terms in July, which was better than June’s flat reading and marked the best result since December 2021. Meanwhile, annual average industrial production growth fell to 3.8% in July (June: +4.4%). This signals a worsening trend in the industrial sector.

FocusEconomics panelists project industrial output to slump 6.8% in 2022, which is up 0.1 percentage points from last month’s forecast. For 2023, the panel expects industrial production to fall 3.0%.

Author:, Research Team Manager

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Russia Industrial production Chart

Russia Industry July 2022

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

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