Russia Industrial production May 2021

Russia: Industrial output expands at quickest pace since December 2003 in May

Industrial output increased 11.8% in year-on-year terms in May, which was above April’s 7.6% increase. The reading marked the best result since December 2003. Looking at the details of the release, manufacturing output growth softened in May, while mining and quarrying output rebounded strongly from the previous month. Meanwhile, electricity, gas, steam and air conditioning supply output accelerated.

On a seasonally-adjusted monthly basis, industrial production rose at a quicker rate of 1.1% in May (April: +0.1% mom). As a result, the trend improved notably, with the annual average variation of industrial production coming in at minus 0.9% in May, up from April’s minus 2.5% reading.

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