Russia Industry November 2016

Russia

Russia: Industrial production soars in November

December 15, 2016

Industrial production increased at the fastest pace in two years in November, with output jumping 2.7% annually. The result contrasted the 0.2% decrease in October and overshot the 0.3% expansion the markets had expected. The trend in Russian industrial production is one of growing momentum: the annual average variation in output edged up from minus 0.7% in October to minus 0.1% in November.

November’s stronger-than-expected expansion reflected a broad-based improvement. Mining and quarrying and manufacturing output both increased notably compared to the previous month. Meanwhile, electricity, gas and water supply output accelerated to the fastest pace in two years.

In seasonally-adjusted terms, industrial production increased 0.5% over the previous month in November, following the 0.6% expansion in October.

Industrial production suffered the worst contraction in six years in 2015 and in 2016 our panel of analysts expects output to have recovered and expanded 0.3%. The projection is unchanged from last month’s forecast. In 2017, FocusEconomics panelists expect industrial production to increase 1.8%.


Author:, Senior Economist

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Russia Industry November 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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