Russia: Industrial production expands at the fastest rate in six months in May
June 18, 2014
In May, industrial production expanded 2.8% over the same month last year. The result was up from the 2.4% growth recorded in April and marked the strongest expansion in six months. May’s print exceeded the 2.0% increase market analysts had expected. The acceleration in industrial production came on the back of an improvement in minerals and quarrying as well as in manufacturing. Electricity, gas and water contracted in May, although at a slower pace.
On a month-on-month seasonally-adjusted basis, industrial output contracted 0.4% in May (April: +0.8% month-on-month). Meanwhile, annual average growth in industrial production rose from 1.1% in April to 1.4% in May.