Russia: Industrial output rebounds in February
April 2, 2014
In February, industrial production expanded 2.1% over the same month last year, which contrasted the 0.2% contraction recorded in January and exceeded the 0.5% increase market analysts had expected. The expansion was driven by an improvement in manufacturing, which accelerated from a flat reading last month to a 3.4% expansion, and by an improvement in electricity, gas and water production.
On a month-on-month seasonally-adjusted basis, industrial output expanded 0.8% in February (January: -1.0% month-on-month), which marks the strongest growth since July 2013. Meanwhile, annual average growth in industrial production rose from 0.4% in January to 0.9% in February.
The government sees industrial output expanding 2.2% in 2014. FocusEconomics Consensus Forecast panelists 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%.