Russia: Industrial output growth picks up pace in June
Latest reading: Industrial production increased 2.0% year on year in June (May: +1.8% yoy). The print was the best since January and was due to faster growth in manufacturing production plus a softer fall in mining and quarrying output. Meanwhile, energy output contracted at a sharper rate than in May.
On a monthly basis, factory output dropped 1.7% in seasonally adjusted terms in June, contrasting May’s 2.5% expansion and marking the worst result since January. Annual average industrial production growth fell to 2.8% in June (May: +2.9%). This signals a worsening trend in the industrial sector.