Russia Industry December 2016


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.

Following the slow recovery in 2016, industrial production should pick up momentum this year. Our panel of analysts expects output to expand 1.3% in 2017. The projection is down 0.3 percentage points from last month’s forecast. In 2018, FocusEconomics panelists expect industrial production to increase 2.0%.

Author:, Senior Economist

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Russia Industry Chart

Russia Industry December 2016

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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