Russia Industrial production May 2022

Russia

Russia: Industrial output falls at sharpest rate since February 2021 in May

June 29, 2022

Industrial production dropped 1.7% year on year in May (April: -1.6% yoy). The figure marked the worst reading since February 2021. The weakening was partly due to a deterioration in manufacturing output, as it recorded the weakest reading since October 2020. In contrast, mining and quarrying production contracted at a more moderate rate.

On a seasonally-adjusted monthly basis, factory output fell at a softer rate of 0.2% in May (April: -1.9% mom), the best result since December 2021. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 5.3% in May, down from April's 6.4%.

FocusEconomics panelists project industrial output to slump 10.1% in 2022, which is up 0.1 percentage points from last month’s forecast. For 2023, the panel expects industrial production to fall 1.0%.


Author:, Research Team Manager

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Russia Industry May 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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