Russia: Industrial output growth slows in July
Industrial output rose 4.9% compared to the same month a year earlier in July, which followed June’s 5.8% increase. July’s weakening was largely driven by a deterioration in manufacturing output growth. In contrast, mining and quarrying production fell at a softer pace.
On a seasonally adjusted monthly basis, industrial output fell at a more moderate pace of 0.1% in July (June: -0.2% mom). Meanwhile, the trend improved, with the annual average growth of industrial production coming in at 1.1%, up from June’s 0.7%.