Russia

Russia Industry

Russia Industry

Industrial Production in Russia

The Russian economy recorded an average industrial production growth rate of 2% in the decade to 2024. In 2024, industrial production growth was 4.5%. For more industry information, visit our dedicated page.

Russia Industry Chart

Note: This chart displays Industrial Production (annual variation in %) for Russia from 2014 to 2024.
Source: Macrobond.

Russia Industry Data

2020 2021 2022 2023 2024
Industrial Production (ann. var. %) -2.1 6.3 0.9 4.3 4.6

Industrial output growth rises but remains mild in May

Latest reading: Industrial production rose 1.8% year on year in May, improving from April’s 1.5% expansion but continuing to undershoot the pre-Covid decade average and remaining weak by post-invasion standards. A faster increase in manufacturing underpinned the upturn, outweighing declines in energy and water supply plus a sharper fall in mining and quarrying output. As a result, the trend pointed down, with the annual average growth of industrial production easing to 2.9% from April's 3.2% reading. On a seasonally adjusted monthly basis, industrial output rose at a quicker rate of 2.6% in May (April: +1.0% mom s.a.), the best result since August 2020.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Russian industry projections for the next ten years from a panel of 11 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable industry forecast available for Russian industry.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Russian industry projections.

Want to get access to the full dataset of Russian industry forecasts? Send an email to info@focus-economics.com.

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