Russia Industry October 2016

Russia

Russia: Industrial output contracts in October

November 16, 2016

Russia’s industrial output deteriorated for a second consecutive month in October, decreasing 0.2% from the same month last year. That said, the decrease was softer than the 0.8% contraction in September and the 0.4% fall the markets had expected Russia’s industrial production trend continues building momentum: the annual average variation in output edged up from minus 0.9% in September to minus 0.7% in October.

October’s softer contraction stemmed from a weaker decrease in manufacturing output, which fell just 0.8% annually (September: -1.6% year-on-year). Mining and quarrying continued to expand, although at a softer pace. Meanwhile, electricity, gas and water supply output decelerated compared to the previous month.

In seasonally-adjusted terms, industrial production increased 0.3% over the previous month, which offset a 0.3% contraction in September.

Industrial production suffered the worst contraction in six years in 2015 and this year our panel of analysts expects output to recover and expand 0.3%. The projection is unchanged from last month’s forecast. FocusEconomics panelists expect industrial production to increase 1.8% in 2017, which is also unchanged from last month’s forecast.


Author:, Senior Economist

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Russia Industry October 2016

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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