Russia: Industrial output growth gains momentum in October
Industrial output rose 7.1% in year-on-year terms in October, which was above September’s 6.9% increase. Looking at the details of the release, mining and quarrying output rose at a faster rate compared to the previous month in October, more than offsetting softer manufacturing activity growth at the outset of Q4.
On a monthly basis, factory output increased 0.8% in seasonally-adjusted terms in October, which was below September’s 1.8% expansion. Meanwhile, the trend continued to improved sizably, with the annual average growth of industrial production coming in at plus 4.5%, up from September’s 3.5% reading.