Russia

Russia Industrial production September 2023

Russia: Industrial output growth picks up pace in September

Industrial output increased 5.6% in year-on-year terms in September, which was above August’s 5.4% increase. The result marked the seventh consecutive month of expansion in the Russian industrial sector. September’s upturn was largely due to a faster growth in the manufacturing sector and a softer contraction in mining and quarrying output.

On a seasonally adjusted monthly basis, factory output rebounded, rising 0.3% in September (August: -0.3% mom). Meanwhile, the trend improved significantly, with the annual average growth of industrial production coming in at 2.1%, up from August’s 1.5% reading.

Commenting on the economic outlook, Marianna Rõbinskaja, economist at Swedbank, highlighted the economy’s reliance on public spending amid flagging oil and gas activity:

Commenting on the economic outlook, Marianna Rõbinskaja, economist at Swedbank, highlighted the economy’s reliance on public spending amid flagging oil and gas activity: “Russia’s oil and gas revenues are expected to fall by almost one-fourth this year. […] The loss of oil revenues will be compensated for by higher-than-expected non-energy revenues. […] Economic growth is strongly supported by defence spending, as record-high government expenditures were allocated to the war. […] High government expenditures will continue to push up economic activity in the coming years.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest