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.
Author: Ricardo Aceves, Senior Economist