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Russia: Industrial production deteriorates in November

December 16, 2014

Industrial production deteriorated in November after expanding strongly for two consecutive months. Industrial output contracted 0.4% over the same month of the previous year, which represented the lowest level since May 2013. The reading, which contrasted the 1.2% expansion the markets had expected, marked a notable deterioration over the 2.9% increase and the 2.8% expansion registered in September and October, respectively. According to Federal State Statistics Service, a sharp contraction in manufacturing production was the main driver behind November’s result.

A month-on-month comparison confirms the deterioration suggested by the annual figures: Industrial output fell a seasonally-adjusted 0.2% in November, which came in well below the 0.3% increase tallied in October.

As a result of the annual contraction, the trend deteriorated in November, with annual average growth falling from 1.6% in October to 1.3%.

FocusEconomics participants expect industrial production to increase only 0.1% in 2015, which is down 0.3 percentage points, from last month’s forecast. FocusEconomics panelists expect industrial production to increase 1.8% in 2016.


Author:, Senior Economist

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Russia Industry November 2014 0

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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