Russia: Industrial production beats market expectations
November 16, 2010
In October, industrial production expanded 6.6% over the same month last year. The reading was above the 6.2% expansion recorded in September and exceeded market expectations, which had anticipated a 5.4% increase in industrial production. The improvement over the previous month was primarily driven by manufacturing, the strongest component of industrial production, which grew 9.9% annually (September: +9.4% year-on-year). Growth in mining and quarrying rose to 1.4%, up from an expansion of 0.5% recorded in September. Finally, electricity, gas and water expanded 3.9%, which was down from the 4.7% increase tallied in the previous month. The trend continues to point upwards, with annual average growth in industrial production improving from 6.0% in September to 7.2% in October. The Economy Ministry sees industrial production expanding 7.6% this year but moderating to a 3.9% clip the following year.
Author: Armando Ciccarelli, Head of Data Solutions