Russia: Industrial production shows signs of reviving
January 24, 2017
Industrial production expanded 3.2% from the same month of the previous year in December, which followed a 2.7% increase in November. The result marked a second consecutive expansion and the fastest pace of growth in two years. In addition, December’s print overshot the 3.0% expansion the markets had expected. In seasonally-adjusted terms, industrial production increased 0.4% over the previous month in December, marking a moderation compared to the 1.3% expansion in November.
December’s stronger-than-expected result reflected a broad-based improvement. The all-important manufacturing production sub-category accelerated, as did mining and quarrying, and electricity, gas and water supply output.
In 2016, Russia’s industrial production grew 0.5%, which rebounded from the 3.4% decline in 2015.
Author: Ricardo Aceves, Senior Economist