Russia Industrial production December 2022

Russia: Industrial activity falls at sharpest rate since October 2020 in December

Industrial output fell 4.3% in year-on-year terms in December, which was a larger contraction than November’s 1.8% decrease. December’s outturn marked the worst reading since October 2020. The figure was largely due to a deterioration in manufacturing output, as it fell at the sharpest pace since April 2020. In addition, mining and quarrying output contracted. The downturn hinted at increasing effects of Western sanctions and likely labor shortages due to military mobilization and mass emigration of male population.

On a seasonally adjusted monthly basis, industrial production rose at a softer pace of 0.1% in December (November: +0.8% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at an over one-year low of minus 0.3% in December, contrasting November’s plus 0.6% reading.

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