Russia: Growth in industrial output slows down in March
April 15, 2014
In March, industrial production expanded 1.4% over the same month last year. The result was down from the 2.1% growth recorded in February, but marked a second consecutive expansion. March's rise exceeded the 0.5% increase market analysts had expected. Slower growth in mining and quarrying and a larger contraction in electricity, gas and water production drove the slowdown in industrial activity.
On a month-on-month seasonally-adjusted basis, industrial output expanded 0.2% in March (February: +0.8% month-on-month). Meanwhile, annual average growth in industrial production rose from 0.9% in February to 1.0% in March.
The government sees industrial output expanding 2.2% in 2014. FocusEconomics Consensus Forecast panelists' projection is currently in line with the government. The panel expects industrial production to increase 2.2% in 2014, which is down 0.2 percentage points from last month's forecast. For 2015, the panel expects growth in industrial production to accelerate to 2.6%.
Author: Armando Ciccarelli, Head of Data Solutions