Russia Industrial production May 2023

Russia: Industrial output grows at fastest pace since January 2022 in May

Industrial output rose 7.1% compared to the same month of the previous year in May, which was above April’s 5.2% increase. May’s print marked the best reading since January 2022. Looking at the details of the release, manufacturing output gained traction in May, while mining and quarrying output lost steam.

On a seasonally adjusted monthly basis, industrial output rose at a more moderate pace of 0.7% in May (April: +1.7% mom). Meanwhile, the trend improved sizably, with the annual average variation of industrial production coming in at minus 0.4%, up from April’s minus 1.2%.

Commenting on the economic outlook ”, Matthew Curtin, economist at Scope Ratings said:

“We expect Russian GDP to decline by only 0.8% in 2023, followed by a moderate 0.9% rebound in 2024, reflecting the economy’s greater-than-expected resilience in face of the repercussions of the war in Ukraine. […] Windfall gains from high energy and other commodity prices coupled with astute monetary and fiscal policies to counteract sanctions, partly through strict controls to prevent capital flight, have helped sustain economic activity.“

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