Russia: Industrial output growth dips in April
Industrial production expanded 3.9% year on year in April (March: +4.0% yoy), falling short of market expectations. The downturn was primarily due to drops in mining and quarrying, and electricity, gas, steam and air conditioning supply production. Moreover, water supply output increased at a slower pace. That said, manufacturing output accelerated.
As a result, the trend pointed down, with the annual average of industrial production falling to 5.2% in April (March: +5.3%).
On a seasonally adjusted monthly basis, industrial production fell 0.2% in April (March: +0.1% mom).