Russia: Industrial production picks up in July
August 15, 2012
In July, industrial production rose 3.4% over the same month last year, which was up from both the 1.9% expansion recorded in June and market expectations of a 2.5% increase. The improvement was driven by faster growth in manufacturing and mining. On a monthly seasonally adjusted basis, industrial output rose 0.9% over the previous month, up from the flat reading posted in June. Despite the positive result, the trend deteriorated further, with annual average growth in industrial production inching down 3.7% in June to 3.6% in July, the lowest reading in more than two years.
Author: Armando Ciccarelli, Head of Data Solutions