Russia: Industrial output rebounds in March
April 15, 2013
In March, industrial production advanced 2.6% over the same month last year, rebounding from a 2.1% fall in February and contrasting market expectations of a 1.0% drop. The expansion was broad-based, as all three main industrial sectors recovered from the contractions experienced last month.
On a month-on-month seasonally adjusted basis, industrial output rose also 2.6% (February: +1.1% mom). As a result of the March reading, the trend stabilized, with average annual variation in industrial production remaining unchanged at February's 1.6%
The government recently cut its projections for industrial production this year and currently sees industrial output expanding 3.4% in 2013, which is down from an earlier 3.6% estimate. FocusEconomics Consensus Forecast panellists expect industrial production to increase 3.1% in 2013, which is down 0.1 percentage points from last month's forecast. For 2014, the panel expects industrial production growth to accelerate to 3.6%.
Author: Armando Ciccarelli, Head of Data Solutions