Russia Industrial production February 2024

Russia: Industrial output growth posts an over two-year high in February

Industrial production expanded 8.5% year on year in February (January: +4.6% yoy), marking the best reading since January 2022 and surprising markets on the upside. Looking at the details of the release, the upturn was broad-based and spearheaded by the strongest increases in manufacturing, and energy, gas and steam output in over two years. In addition, production in the mining and quarrying, and water supply subsectors expanded at a faster pace.

Accordingly, the trend pointed up, with annual average industrial production growth rising to 5.0% in February (January: +4.1%) and signaling an improving industrial sector.

On a seasonally adjusted monthly basis, industrial production rebounded, increasing 1.5% in February (January: -0.2% mom), the best result since April 2023.

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