Russia: Industrial output moderates further in October
November 16, 2012
In October, industrial production rose 1.8% over the same month last year, which was down from both the 2.0% expansion recorded in September and market expectations of a 2.5% increase. The moderation was the result of slower growth in manufacturing and a contraction in electricity, gas and water, which were not compensated by a faster expansion in mining and quarrying. On a month-on-month seasonally adjusted basis, industrial output contracted 0.7%, reversing the 0.7% increase seen in September. As a result of the slower annual growth, the trend deteriorated further, with annual average growth in industrial production inching down from 3.1% in September to 2.9% in October.
Author: Armando Ciccarelli, Head of Data Solutions