Russia: Industrial output growth rises but remains below trend in April
Latest reading: Industrial output rose 1.5% year on year in April, improving from March’s 0.8% increase but remaining weak by pre-Covid standards. Looking at the details of the release, energy output rebounded, and mining and quarrying fell at a softer clip, outweighing a steeper decline in water supply and weaker momentum in manufacturing. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 3.2%, down from March’s 3.5%.
On a seasonally adjusted monthly basis, industrial output rebounded, rising 0.9% in April (March: -0.7% mom s.a.).