Ukraine: Industrial output swings back to contraction at the start of 2021
Industrial production declined 4.0% year-on-year in January, contrasting the 5.3% jump logged in December 2020 which had marked the strongest increase in nearly three years. The result reflected a broad-based deterioration across all sub-components of the index: Production in both the manufacturing, and mining and quarrying sectors swung to contraction, while utilities supply output lost pace compared to December.
On a seasonally-adjusted monthly basis, factory output dropped 3.3% in January, contrasting December’s 1.1% rise. Meanwhile, the trend improved slightly, with the annual average variation of industrial production coming in at minus 4.4% in January, up from December’s minus 4.5%.