Russia: Industrial production speeds up in February
March 16, 2012
In February, industrial production rose 6.5% over the same month the last year, which was above both the 3.8% expansion recorded in January and market expectations of a 4.4% increase. The result was largely driven by a seasonal pick-up in the utilities sector, due to a particularly cold winter. A month-on-month comparison corroborates the acceleration suggested by the annual figures. In February, industrial output expanded a seasonally adjusted 1.6% over the previous month, which was above the 0.5% increase recorded in January. Moreover, the trend improved, with annual average growth in industrial production inching up from 4.5% in January to 4.6% in February. The government expects industrial production to expand 3.4% this year.
Author: Armando Ciccarelli, Head of Data Solutions