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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%.

The government sees industrial output expanding 2.2% in 2014. The panel expects industrial production to increase 0.8% in 2014, which is up 0.2 percentage points from last month’s forecast. For 2015, the panel expects growth in industrial production to accelerate to 1.6%.


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Russia Industry July 2014 0

Note: Year-on-year changes and annual average variation of industrial production index in %.
Source: Federal State Statistics Service (Rosstat) and FocusEconomics calculations.


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