Russia Industry

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Russia: Industrial production contracts to lowest level in two years

March 16, 2015

According to the Russian statistical office, industrial production contracted 1.6% year-on-year in February. The reading, which contrasted the 0.9% expansion tallied in January, exceeded the 0.6% fall the markets had expected and was mainly the result of a plunge in manufacturing output and a deterioration in growth in public utilities. February’s contraction represented the sharpest contraction in output since February 2013.

A month-on-month comparison confirms the deterioration suggested by the annual data. Industrial production contracted a seasonally-adjusted 0.7% in February, which followed the 1.8% decrease observed in January.

As a result of the contraction seen in the annual data, annual average growth in industrial production fell 1.7% in January to 1.4% in February.

Prospects for industrial production in Russia are grim. FocusEconomics participants expect industrial production to contract 1.5% in 2015, which is unchanged, from last month’s forecast. FocusEconomics panelists expect industrial production to rebound in 2016 and increase 1.3%.


Author:, Senior Economist

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Russia Industry February 2015

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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