Russia Industrial production January 2022

Russia: Industrial output jumps in January but outlook sours

Industrial output expanded 8.6% year-on-year in January (December: +6.1% yoy). January’s print marked the best result since June 2021. January’s notable upturn was primarily due to an upturn in manufacturing production and electricity, gas, steam and air conditioning supply output.

On a seasonally-adjusted monthly basis, industrial output fell 0.7% in January (December: +1.3% mom). Meanwhile, the trend improved sizably, with the annual average growth of industrial production coming in at 6.2%, up from December’s 5.3% reading.

Looking ahead, industrial sector outlook tuned bleak in late February amid the fallout of Russia’s invasion into Ukraine. Aggressive sanctions by the Western countries and their allies will likely drive a fall in industrial activity this year, albeit the current uncertainty and the fast-moving situation make the downturn hard to gauge.

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