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Russia: Industrial production rebounds in September

October 16, 2014

In September, industrial production expanded 2.8% over the same month last year. The print came in well above the flat growth rate registered in August and overshot the 0.1% increase the markets had expected. The monthly rebound was the result of an improvement in manufacturing output, which increased 3.6% annually in September (August: -0.6% year-on-year) as well due to an acceleration in mining and quarrying (September: +2.4% yoy; August: +0.8% yoy). Only electricity generation deteriorated over the previous month (September: -0.8% yoy; August: +1.2% yoy).

A month-on-month comparison confirms the rebound suggested by the annual data. Industrial production increased a seasonally-adjusted 1.6% in September, which recovered part of the ground lost in August (-0.7% month-on-month). As a result of the strong annual reading, the trend improved in September, with annual average growth rising from 1.3% in August to 1.5% in September.

The government sees industrial output expanding 2.2% in 2014. The panel expects industrial production to increase 0.8% in 2014, which is up 0.2 percentage points from last month’s forecast. For 2015, the panel expects growth in industrial production to accelerate to 1.6%.


Author:, Senior Economist

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Russia Industry September 2014 1

Note: Year-on-year changes and annual average variation of industrial production index in %.
Source: Federal State Statistics Service (Rosstat) and FocusEconomics calculations.


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