Russia: Largest drop in industrial output in six months
December 16, 2013
In November 2013, industrial production fell 1.0% over the same month of the previous year, which marked a deterioration over the 0.1% drop recorded in October and represented the weakest reading in six months. The contraction exceeded the 0.3% fall the market had expected. A strong drop in in electricity, gas and water supply - due to milder-than-usual weather conditions - drove the overall contraction.
On a month-on-month seasonally-adjusted basis, industrial output fell 0.2% in November (October: -0.1% month-on-month). Meanwhile, annual average growth in industrial production fell from 0.3% in October to 0.1%.
The government sees industrial output expanding 2.2% in 2014. FocusEconomics Consensus Forecast panelists are more optimistic and expect industrial production to increase 2.4% in 2014, which is unchanged from last month's forecast. For 2015, the panel expects growth in industrial production to accelerate to 2.7%.
Author: Armando Ciccarelli, Head of Data Solutions