Russia: Industrial output growth rises but remains mild in May
Latest reading: Industrial production rose 1.8% year on year in May, improving from April’s 1.5% expansion but continuing to undershoot the pre-Covid decade average and remaining weak by post-invasion standards. A faster increase in manufacturing underpinned the upturn, outweighing declines in energy and water supply plus a sharper fall in mining and quarrying output.
As a result, the trend pointed down, with the annual average growth of industrial production easing to 2.9% from April’s 3.2% reading.
On a seasonally adjusted monthly basis, industrial output rose at a quicker rate of 2.6% in May (April: +1.0% mom s.a.), the best result since August 2020.