Russia: Decline in industrial activity softens in August
Industrial output dropped 0.1% compared to the same month of the previous year in August, which was a less pronounced drop than July’s 0.5% decrease. August’s result marked the best result since March. The reading reflected a broad-based improvement, with activity in the manufacturing, mining and quarrying and electricity, gas, steam and air conditioning supply sub-sectors all improving in August.
On a monthly basis, industrial output decreased 0.8% in seasonally-adjusted terms in August, contrasting July’s 1.2% expansion. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at an over one-year low of 3.3%, down from July’s 3.8%.