Russia Industry January 2017

Russia

Russia: Industrial production accelerates in January

February 16, 2017

Industrial production increased 2.3% from the same month last year in January, which followed a revised 0.2% increase in December (previously reported: +3.2% year-on-year). The substantial revision to December’s figure reflected a methodological change. In seasonally-adjusted terms, industrial production increased 0.8% from the previous month in January, marking a rebound over a revised 1.5% contraction in December (previously reported: +0.4% month-on-month)

According to the new data released by the Federal State Statistics Service (Rosstat), mining and quarrying increased 3.3% annually in January (December: +2.1% yoy) and manufacturing output rebounded and expanded 2.0% (December: -1.6% yoy). Meanwhile, growth in electricity generation fell from 8.3% in December to just 0.8% in January. Water management increased 1.6% in January, which contrasted a 0.3% decrease in December.

Due to January’s increase, the trend continues to suggest that recovery in industrial production remains in place, as annual average growth in output rose from 1.3% in December to 1.6% in January—the highest level in two years.

Analysts have started to adapt their projections to the new methodology. This year, the panel of analysts expects output to expand 1.3%. The projection is down 0.3 percentage points from last month’s forecast. In 2018, FocusEconomics panelists expect industrial production to increase 2.0%.


Author:, Senior Economist

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Russia Industry January 2017

Note: Year-on-year changes and annual average variation of industrial production index in %.
Source: Federal State Statistics Service (Rosstat) and FocusEconomics calculations.


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