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