Russia: Industrial production picks up in January
February 15, 2011
In January, industrial production expanded 6.7% over the same month last year. The reading was above the 6.3% expansion recorded in December and beat market expectations of a 6.0% rise. The main driver of the increase was manufacturing, which grew 13.5% over the same month last year (December: +9.7% year-on-year). Mining as well as electricity, gas and water also performed better than the previous month. A month-on-month comparison corroborates the positive annual reading, as industrial production expanded a seasonally adjusted 0.4%. Meanwhile, the trend remains stable, with annual average growth in industrial production remaining unchanged at December's 8.2%. 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