Russia: Industrial production inches up in November
December 19, 2010
In November, industrial production expanded 6.7% over the same month last year. The reading was a notch above the 6.6% expansion recorded in October. The improvement over the previous month was primarily driven by manufacturing, the strongest component of industrial production, which grew 10.1% annually (October: +9.9% year-on-year). Growth in mining and quarrying rose 2.0%, up from an expansion of 1.4% recorded in October. Finally, electricity, gas and water supply added a paltry 0.1%, down from the 3.9% increase tallied in the previous month. The trend continues to point upwards, with annual average growth in industrial production improving from 7.2% in October to 8.1% in November. The government sees industrial production expanding 8.3% for the full year 2010. For 2011, the government expects industrial production to expand 4.1%, before moderating to a 3.8% clip the following year.
Author: Armando Ciccarelli, Head of Data Solutions