Russia: Expansion in industry accelerates again in July
August 18, 2014
In July, industrial production expanded 1.5% over the same month last year. The result was up from the 0.4% growth recorded in June. The acceleration in industrial production came on the back of a strong expansion in manufacturing, which improved from June’s 0.3% rise to a 2.4% expansion in July. Moreover, electricity, gas and water rebounded from a 0.8% contraction in June to a 0.8% expansion in July. The only category that decelerated on an annual basis was mining and quarrying, which expanded 0.2%, down from the 0.8% rise tallied in June.
On a month-on-month seasonally-adjusted basis, industrial output expanded 2.2% in July (June: -0.1% mom), which marked the strongest monthly expansion since August 2006. Meanwhile, annual average growth in industrial production in July was stable at June’s 1.3%.