Russia: Industrial production slows in September
October 15, 2012
In September, industrial production rose 2.0% over the same month last year, which was down from both the 2.1% expansion recorded in August and market expectations of a 2.6% increase. The moderation was the result of slower growth in manufacturing and a contraction in electricity, gas and water, which were not compensated by a faster expansion in mining and quarrying. On a month-on-month seasonally adjusted basis, industrial output expanded 0.7% over the previous month, reversing the 0.7% drop seen in August. However, as a result of the slower annual growth, the trend deteriorated further, with annual average growth in industrial production inching down from 3.2% in August to 3.1% in September, the lowest reading in more than two years.
Author: Armando Ciccarelli, Head of Data Solutions