Russia Industry April 2016

Russia

Russia: Industrial production expands modestly in April

May 18, 2016

Industrial production expanded in April and recovered the lost ground in March. Data from the Federal Statistics Service (Rosstat) showed that industrial production expanded 0.5% annually in April, which rebounded from the 0.5% decrease observed in March and fared better than the 0.5% contraction the markets had expected.

The increase in April reflected that manufacturing production rebounded and expanded 0.6% in April (March: -2.8% year-on-year). Mining and quarrying increased 1.7% in April and, while it was a deceleration over the 4.2% rise seen the previous month, it marked a fifth consecutive month of expansion. Conversely, the production and distribution of electricity, gas and water took a sharp hit in April.

Sequential data adjusted for seasonal factors showed that growth in industrial production flattened in April, which came in below the revised 0.3% increase tallied in Mach (previously reported: +0.4% month-on-month).

As a result of April’s increase, the trend continues to point to a slow recovery in the sector. The annual average variation in industrial production rose from minus 3.4% in March to minus 3.0% in April.

After industrial production in 2015 suffered the worst contraction in six years, our panel of analysts expect output to expand 0.2% in 2016. The projection is unchanged from last month’s forecast. FocusEconomics panelists expect industrial production to increase 1.8% in 2017.


Author:, Senior Economist

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Russia Industry April 2016 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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