Russia Industrial production May 2024

Russia: Industrial output growth speeds up in May

Industrial output increased 5.3% compared to the same month of the previous year in May (April: +3.9%), which more than doubled market expectations for a 2.5% increase. Looking at the details of the release, May’s pickup was broad-based. Manufacturing and water supply activity gained steam, while energy supply bounced back in May. Moreover, mining and quarrying output fell at a softer rate.

Meanwhile, annual average industrial production growth fell to 5.1% in May (April: +5.2%), signaling a worsening trend in the sector.

On a seasonally adjusted monthly basis, industrial production rebounded, rising 2.0% in May (April: -0.1% s.a. mom), the joint-best result since April 2021.

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