Russia: Industrial production rebounds in March
March 17, 2017
Industrial production rebounded in March, following what seems to have been a temporary contraction in February. Industrial output increased just 0.8% year-on-year in March, which contrasted a 2.7% contraction in February. A month-on-month comparison corroborated the improvement suggested by the annual data as industrial production swung from a seasonally-adjusted 1.5% contraction in February to a 1.2% expansion in March.
March’s result reflected a broad-based improvement. Both manufacturing output and electricity generation returned to growth in March after having contracted sharply in February. Moreover, after recording nil growth in February, mining and quarrying increased somewhat in March.
March’s result prompted the overall trend growth to stabilize, following February’s drop. Annual average growth in output matched February’s 1.1% in March.
Author: Ricardo Aceves, Senior Economist