Russia: Industrial production growth slides to six-month low
Industrial output growth eased in June, according to the Federal State Statistics Service (Rosstat). Industrial production increased 2.2% in annual terms, down from the 3.7% rise registered in May and the softest print since December. The result was driven chiefly by a contraction in mining output and weaker growth in manufacturing output.
Annual average industrial production growth inched down to 1.9% in June from 2.0% in May. Month-on-month data corroborated deteriorating economic conditions, with industrial production contracting 0.6% (May: +0.5% month-on-month).