Russia: Industrial output accelerates slightly in September
October 15, 2013
In September, industrial production rose 0.3% over the same month last year, which was an improvement over the 0.1% increase recorded in August. That said, the reading came in below market expectations of a 0.5% rise. The acceleration over last month was driven by a rebound in production of electricity, gas and water.
On a month-on-month seasonally-adjusted basis, industrial output rose 0.3% in September (August: +0.7% month-on-month). Meanwhile, average annual growth in industrial production inched down from 0.6% in August to 0.5%.
The government sees industrial output expanding 0.7% in 2013. FocusEconomics Consensus Forecast panelists are more optimistic and expect industrial production to increase 1.3% in 2013, which is down 0.6 percentage points from last month's forecast. For 2014, the panel expects industrial production growth to accelerate to 2.6%, which is down 0.4 percentage points from last month's estimate.
Author: Armando Ciccarelli, Head of Data Solutions