Ukraine: Industrial production continues to plummet in November
December 23, 2014
In November, industrial production fell 16.3% over the same month last year, according to data released by the State Statistics Service of Ukraine. The result mirrored October’s decrease and marked the 11th consecutive month of decline amid the geopolitical tensions in the country. Sharp drops were recorded in mining and quarrying, as well as in manufacturing.
The conflict between the Ukrainian armed forces and pro-Russian separatist groups in the eastern regions of the country continues to have a negative impact on industry, which is already weak. Large contractions were recorded in the eastern regions of Luhansk and Donetsk, Ukraine’s industrial heartland and where the conflict has been concentrated. Industrial output in November dropped 82.0% annually in Luhansk and 51.3% in Donetsk.
On a monthly basis, industrial production decreased a seasonally-adjusted 2.2% in November, which contrasted the 7.5% rise tallied in October. The annual average variation in industrial output fell to minus 9.3% from October’s minus 8.3%.