Russia: Industrial production slows
October 17, 2011
In September, industrial production rose 3.9% over the same month last year, which was below the 6.2% expansion recorded in August and also undershot market expectations of a 5.5% increase. This was, moreover, the weakest reading since October 2009. A month-on-month comparison corroborates the moderation suggested by the annual figures. In September, industrial production contracted a seasonally adjusted 0.3% over the previous month, which contrasted the 0.1% increase recorded in August. As a result of the monthly reading, the trend deteriorated, with annual average growth in industrial production dropping from August's 5.8% to 5.6% in September. The government expects industrial production to expand 4.8% this year and to moderate to 3.4% next year.
Author: Armando Ciccarelli, Head of Data Solutions