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.
Author: Ricardo Aceves, Senior Economist