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Russia: Russia's industrial output eases in January

February 16, 2015

Data for industrial production in Russia showed that growth slowed at the outset of the year, falling even below the 2014 average. In January, industrial production increased a timid 0.9% over the same month last year. The reading represented a notable deceleration compared to the 3.9% expansion observed in December, but overshot a more pessimistic 0.5% increase the markets had expected.

The monthly slowdown reflected an overall deterioration. Growth in mining and quarrying slowed the pace in January at half the rate registered in December. Electricity production slowed markedly in annual terms compared to the previous month, while manufacturing production showed a contraction.

A month-on-month comparison points to an even sharper deterioration than the slowdown suggested by the annual data. Industrial production contracted a seasonally-adjusted 1.8% in January, which contrasted the revised 1.9% increase observed in December (previously reported: +2.1% month-on-month.

Despite the slowdown seen in the annual data, annual average growth in industrial production inched up from 1.6% in December to 1.7%.

Prospects for industrial production in Russia are grim. FocusEconomics participants expect industrial production to increase only 0.1% in 2015, which is down 0.3 percentage points, from last month’s forecast. FocusEconomics panelists expect industrial production to increase 1.8% in 2016.


Author:, Senior Economist

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Russia Industry January 2015

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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