Russia: Industrial production moderates in May
June 16, 2011
In May, industrial production rose 4.1% over the same month last year, which was below the 4.5% expansion recorded in April and broadly in line with market expectations of a 4.2% increase. In addition, the reading marked the lowest pace of year-on-year expansion since October 2009. A month-on-month comparison does not support the slowdown suggested by the annual figures. In May, industrial production expanded a seasonally adjusted 0.8% over the previous month, which was an improvement compared to the 0.3% increase recorded in April and marked the highest monthly reading since the start of the year. Nevertheless, the trend deteriorated, with annual average growth in industrial production dropping from 7.2% in April to 6.7% in May. For 2011, the government expects industrial production to expand 5.4%, before moderating to a 3.6% clip the following year.
Author: Armando Ciccarelli, Head of Data Solutions