Russia: Industrial production decelerates in February
March 15, 2011
In February, industrial production advanced 5.8% over the same month last year. The reading was below the 6.7% expansion recorded in January and fell short of market expectations of a 7.2% rise. The moderation was driven by slower growth in manufacturing (January: +13.5% year-on-year; February: +10.2% yoy) and mining (January: +3.5% yoy; February: +3.2% yoy), while electricity, gas and water exited negative territory (January: -3.4%; February: +0.0%). A month-on-month comparison does not corroborate the positive annual reading, as industrial production contracted a seasonally adjusted 0.1%. Meanwhile, the trend deteriorated, with annual average growth in industrial production dropping to 7.9% in February from January's 8.2%. For 2011, the government expects industrial production to expand 4.1%, before moderating to a 3.8% clip the following year.
Author: Armando Ciccarelli, Head of Data Solutions