Russia: Industrial production improves in October
November 21, 2014
Industrial production in October expanded 2.9% over the same month last year, which marked a slight improvement compared to the 2.8% increase tallied in September and marked the strongest print in nearly two years. The reading beat the 1.5% increase the markets had expected and mainly reflected healthy growth in manufacturing production and in electricity generation. Conversely, the pace of growth in mining and quarrying moderated over the previous month.
A sequential comparison showed that industrial production in October gained a seasonally-adjusted 0.3% over the previous month, which followed the 1.7% rise observed in September.
As a result of the strong annual reading, the trend improved in October, with annual average growth rising from 1.5% in September to 1.6% in October.
Author: Ricardo Aceves, Senior Economist