Russia: Industrial production decelerates in March
April 15, 2011
In March, industrial production rose 5.3% over the same month last year. The reading was below the 5.8% expansion recorded in February and fell slightly short of market expectations of a 5.5% rise. The moderation was driven by slower growth in manufacturing (February: +10.2% year-on-year; March: +8.6% yoy). A month-on-month comparison does not corroborate the deceleration suggested by annual figures, as industrial production expanded a seasonally adjusted 0.7%, contrasting the 0.1% contraction recorded in February. Meanwhile, the trend deteriorated, with annual average growth in industrial production dropping from 7.9% in February to 7.6% in March. 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