Russia: Industrial output posts quickest growth since March 2022 in March
Industrial output grew 1.2% year on year in March (February: -1.7% yoy). March’s print marked the best reading since March 2022. The notable turnaround was largely driven by a notable rebound in manufacturing production. In contrast, mining and quarrying production fell.
On a seasonally adjusted monthly basis, factory output rose at a faster rate of 1.3% in March (February: +0.6% mom), the best result since July 2022. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 1.9% in March, down from February’s minus 1.8% reading.