Russia: Industrial output inches up in November amid strong manufacturing growth
December 18, 2012
In November, industrial production rose 1.9% over the same month the previous year, which was up from the 1.8% expansion recorded in October and came in line with market expectations. The improvement was the result of faster growth in manufacturing, which compensated for slower growth in mining and quarrying as well as for a contraction in electricity, gas and water.
On a month-on-month seasonally adjusted basis, industrial output expanded 0.6%, almost entirely reversing the 0.7% drop seen in October. Despite faster annual growth, the trend deteriorated further, with annual average growth in industrial production inching down from 2.9% in October to 2.7% in November.
The government expects industrial output to expand 3.6% in 2013.
Author: Armando Ciccarelli, Head of Data Solutions