Russia: Industrial production growth loses pace in January
Industrial output rose 1.1% year-on-year in January, slowing from December’s 1.7% increase.
A drop in mining and quarrying activity was chiefly behind the overall deceleration at the outset of the year, following a modest increase in mining output in December. On a more positive note, the all-important manufacturing sector continued to grow at a healthy and broadly stable rate in January, whereas water supply and sewage activities rebounded in the same month. Meanwhile, electricity, gas, steam and air conditioning supply contracted for the third consecutive month at the start of the new year.
On a monthly basis, industrial production fell 0.8% in seasonally- and calendar-adjusted terms, contrasting December’s 0.8% increase. Meanwhile, annual average growth in industrial production ticked down from 2.4% in December to 2.3% in January.