Russia: Industrial output expands in December
January 23, 2014
In December, industrial production rose 0.8% over the same month of the previous year, which contrasted the 1.0% drop recorded in November. The contraction contrasted the 0.3% fall the market had expected. The reading was driven by a rebound in manufacturing and an acceleration in mining and quarrying, whereas electricity, gas and water contracted on the back of milder-than-usual weather conditions.
On a month-on-month seasonally-adjusted basis, industrial output expanded 1.1% in December (November: 0.0% month-on-month). For the full year 2013, industrial production recorded flat growth, which marked a strong deceleration over the 2.6% expansion recorded in 2012.
The government sees industrial output expanding 2.2% in 2014. FocusEconomics Consensus Forecast panelists are more optimistic and expect 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