Russia: Decline in industrial activity softens in February
Industrial output fell 1.7% in year-on-year terms in February, which was a less pronounced drop than January’s 2.4% decrease. The softer decline was partly due to a small fall in manufacturing production. In contrast, mining and quarrying production declined at a sharper pace. Meanwhile, electricity supply rose mid-way through Q1.
On a seasonally adjusted monthly basis, factory output rose 0.5% in February (January: -0.6% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 1.8% in February, down from January’s minus 1.2% reading.