Russia: Industrial production slows in June
July 16, 2012
In June, industrial production rose 1.9% over the same month last year, which was down both from the 3.7% expansion recorded in May and market expectations of a 3.2% increase. The deceleration was caused by slower growth in manufacturing, while the remaining sectors improved compared to the previous month. On a monthly seasonally adjusted basis, industrial output was flat over the previous month, down from the 1.0% expansion recorded in May. As a result of the moderation, the trend deteriorated further, with annual average growth in industrial production dropping from 4.0% in May to 3.7% in June, the lowest reading in two years. The government expects industrial output to expand 3.1% in 2012.
Author: Armando Ciccarelli, Head of Data Solutions