Russia: Industrial output unexpectedly drops in January
February 15, 2013
In January, industrial production contracted 0.8% over the same month the previous year. The reading contrasted both the 1.4% expansion recorded in December and market expectations that had industrial production expanding at the same pace as in the previous month. The contraction was the result of a drop in mining and quarrying and a slowdown in manufacturing, while electricity, gas and water improved compared to December.
On a month-on-month seasonally adjusted basis, industrial output fell 1.5% (December: +0.5% mom). As a result, the trend continues to point downwards, with the average annual variation in industrial production dropping from 2.6% in December to 2.3% in January.
The government expects industrial output to expand 3.6% in 2013.
Author: Armando Ciccarelli, Head of Data Solutions