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.
Author: Ricardo Aceves, Senior Economist