Russia: Industrial output falls at sharpest rate since October 2020 in September

Industrial production fell 3.1% year on year in September (August: -0.1% yoy). September's outturn marked the worst reading since October 2020. The reading reflected a broad-based downturn across the major sectors, with manufacturing, mining and quarrying and electricity, gas, steam and air conditioning supply all contracting in September.

On a monthly basis, industrial production declined 0.4% in seasonally adjusted terms in September, easing from August’s 0.9% fall. Meanwhile, annual average industrial production growth fell to 2.4% in September (August: +3.3%). This signals a worsening trend in the industrial sector.

FocusEconomics panelists project industrial output to slump 4.3% in 2022, which is up 1 percentage points from last month’s forecast. For 2023, the panel expects industrial production to fall 3.0%.